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IMAC CEO Jeff Ervin Issues Letter to Shareholders
BRENTWOOD, Tenn., Dec. 31, 2019 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (IMAC) (the “Company” or “IMAC”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announced CEO, Jeff Ervin, issued a Letter to Shareholders. Contents of the letter follow:
Dear Fellow IMAC Shareholder,
We are poised to begin 2020 with strong accomplishments this year that serve as a foundation for continued success in the new year. We enter 2020 having concentrated our efforts through several complementary paths, each of which differentiates us from competitive rehabilitation centers. It is our delivery of superior care without the use of surgery or opioids, our commitment to innovations that halt the progression of movement restricting disease, ensuring that our customers get better, and that we do better by our communities, including veterans of our Armed Services. For all of the successes we have achieved this year and over the last quarter in particular, we have been equally successful in carefully managing our costs while creating new revenue streams with minimal or no outlay of capital. We stand at the forefront of our industry and our plans for 2020 expand on our vision, geographic footprint, and development of new therapies that we believe will radically transform the landscape of regenerative medicine and treatment outcomes, all while staying true to our mission and vision. These are exciting times for your company and our future.
From the technological perspective, we are pleased to have announced the sale of our BioFirma subsidiary assets to Self Care Regeneration LLC for proceeds to the Company of $320,800, plus reimbursement of certain expenses. The transaction closes as of this day, and what makes it central to our business is that IMAC now has a long-term supply agreement with the ability to purchase regenerative medicine products at deep discounts for use in our roster of rehabilitation clinics without assuming operating risk of maintaining the production side of the business. Continued proprietary advancements are expected to be announced soon.
In terms of strategic expansion, we proudly announced the acquisition of four Illinois clinics, as well as introduced Mike Ditka as our brand ambassador. Our relationship with Coach Ditka is another in a long line of affiliations with renowned athletes that strengthen our brand and deliver increased patient awareness. The most recent addition of the Rockford clinic was from our newly appointed medical director for Illinois locations, Ricardo Knight, M.D.
Another important development was our November announcement regarding the U.S. Department of Veterans’ Affairs (VA) having named IMAC Regeneration Centers as part of its Community Care Network, which provides Veterans the opportunity to supplement their managed healthcare with established networks of civilian care providers. Now working directly with the VA, IMAC provides Veterans who experience chronic pain and movement-restricting conditions with the best access to medical treatments, physical therapy, occupational therapy and chiropractic care. In addition, it is worthwhile to note that we employ multiple Veterans of our Armed Services in our treatment centers, all of whom understand firsthand the conditions Veterans may experience. We have also increased our efforts to raise awareness and appreciation of our nation’s Veterans through local outreach programs around our centers.
Our recently implemented membership program begins January 1, 2020, on a subscription basis for all current and future patients. IMAC will start the membership with more than 300 enrollees. We offer online enrollment through the IMAC websites for one of three membership plans. The Flex Plan will require a $10 membership fee and $50 monthly fee which will include a consultation from a company medical practitioner and will offer members four chiropractic adjustments per month. The Plus Plan consists of a $50 membership fee and a $95 monthly fee for all Flex Plan benefits, four decompression visits per month, and one platelet-rich plasma treatment per year. Finally, the Regen Plan, which requires a $100 membership fee and a $300 monthly fee, will include one yearly medical evaluation and one yearly cellular therapy treatment, two platelet rich plasma treatments per year, and access to a 20% discount on additional proprietary regenerative medicine treatments found at the IMAC clinics. These plans provide our patients with significant savings and encourage guests to explore some of the proprietary treatment modalities that we believe set us apart in the market, while providing additional revenue streams and potential new visitors to our regenerative rehabilitation centers without any capital outlay.
From a strictly administrative perspective, we are also pleased to announce that our annual audit is now well under way and we expect to meet SEC mandated timelines. In addition, based on our successful growth over the course of 2019, we look forward to initiating quarterly conference calls to provide all of our stakeholders with greater transparency and more interactive discussion around our quarterly execution.
We are very proud of our accomplishments over the course of 2019, and our accomplishments in this last quarter further exemplify how far we believe we have come as a company. We look forward to sharing further successes with you in the months and years to come and wish you a prosperous 2020.
------------------- "Opportunities multiply as they are seized" -- Sun Tzu circa 500 B.C. -------------------