Innovative MedTech Acquires Adult Recreation and Health Facility Corporation SarahCare as Initial Subsidiary to Address Supportive Adult Care
Significant investment made into Innovative MedTech, which the Company used to close its first major acquisition
BLUE ISLAND, IL / ACCESSWIRE / April 1, 2021 / Innovative MedTech, Inc. (the “Company”) (OTC PINK:FRHVD) today announced the acquisition of Sarah Adult Day Services, Inc. and Sarah Day Care Centers, Inc., (together, “SarahCare”) a provider of Senior Adult Recreation and Health facilities.
With 27 centers located in 13 states, SarahCare offers seniors daytime care and activities ranging from meeting their physical and medical needs, on a daily basis and ranging from nursing care to salon services and providing meals, to offering engaging and enriching activities to allow them to continue to lead active and engaged lives. The adult day care industry generated $4.9 billion in 2020 and is expected to increase 4.4% in 2021.
“The acquisition of SarahCare is the first step in a series of contemplated transactions designed to bring Innovative MedTech to the forefront of the health and wellness industry, specifically addressing the needs of independently living senior adults who may also need additional support in maintaining their health and wellness,” commented Michael J. Friedman, a member of Innovative MedTech’s management team. “We believe that SarahCare will provide a strong foundation for our Company as we continue to execute on the vision of improving adult supportive care.”
SarahCare Founder and CEO, Dr. Merle Griff, said, “I am excited to have SarahCare be a part of Innovative MedTech, and to be a member of the team we are building. We have the same vision and desire to grow SarahCare’s holistic approach to caring for loved ones. We believe that this is the start of something very exciting.”
In order to fund the acquisition of SarahCare, the Company received a $2 million investment in the form of a private investment in public equity (“PIPE”) from several investors. For the $2 million PIPE, the investors received a combination of common stock and Series A Preferred Stock which together constitute ownership of 83% of the Company.
About Innovative MedTech, Inc.
Innovative MedTech, Inc. is based in Blue Island, IL. The Company is a provider of health and wellness services, including SarahCare, an adult day care center provider. For more information, please visit: https://innovativemedtechinc.com and https://sarahcare.com. On or about April 6, 2021, the Company’s stock symbol is expected to change to “IMTH”.
Safe Harbor Statement
Statements in this press release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are not guarantees of future performance and are based on certain assumptions and reflect management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media inquiries:
Michael Friedman
708-925-9424
ir@innovativemedtechinc.com
SOURCE: Innovative MedTech, Inc.
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