Los Angeles, CA, June 09, 2022 (GLOBE NEWSWIRE) -- Endonovo Therapeutics Inc. (OTCQB:ENDV) today announced a Letter of Intent to purchase a highly-regarded market leading specialty concrete services company located in the Southern U.S. with unaudited 2021revenue of $47.7M and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $5.3M.
Since 2018, growth for the target company has gone from $9.5 Million in revenue to over $47 Million in 2021 for an average CAGR of 106%. Once completed, the Target and is expected to significantly increase performance of Endonovo as a holding company and supplement financial results from its traditional product line of medical devices for post-operative pain treatment.
The purchase price of the acquisition is set at 4X trailing 12 months EDITDA; subject to a three-year GAAP audit of financial results, financing and certain potential hold-back provisions.
“We are moving ahead with our previously-announced ‘Build Up Strategy’ of acquiring specialty service providers in the construction industry to provide an anticipated steady stream of sales and earnings to complement our expected periodic influx of same from our medical devices and IP,” according to Endonovo CEO Alan Collier.
“We expect that the completion of the LOI to acquire the highly profitable and market leading target company will establish Endonovo’s standing as a successful holding company by delivering long-term fundamental shareholder value for investors,” Collier said.
“While the name of the target acquisition is being withheld due to mutual confidentiality understandings, we can say at this time that the market opportunities of the Target show tremendous potential for growth in its historical market and beyond,” Collier said. “In addition, Endonovo’s management can work with existing management to grow outside of the target’s immediate geographic area and further expansion into commercial construction from its present base of primarily residential construction,” Collier pointed out.
Additional acquisition highlights include but are not limited to;
- 20+ years of profitable/growing operations;
- A long-term reputation of high quality delivery of its services and on time performance
- Proprietary software which provides detailed management information to staff;
- An ability to expand easily to different geographic areas further expanding the target company dominance within its geographic area;
- The Target has experienced exponential growth since its inception in 2004
Collier concluded: “While we are focusing on this and additional acquisitions in the service sector, management is moving forward with programs to capitalize on our portfolio of commercial and clinical-stage wearable therapeutic devices and IP. As we have pointed out before, we expect to emerge as a diverse holding company combining strong historical revenue with proven intellectual property.”
Endonovo’s business as a developer of bioelectronic medical devices and commercialization efforts regarding its flagship SofPulse® device is still the focus of current business plan. The SofPulse® device is cleared by the FDA for reduction of post-operative pain and edema. It offers a non-opioid, non-invasive, non-pharmaceutical pain mitigation treatment and has no known side effects based upon more than 20,000+ surgical uses since its introduction.
About Endonovo Therapeutics, Inc.
Endonovo Therapeutics is a commercial-stage developer of noninvasive wearable Electroceuticals® therapeutic devices for pain relief, general wellness and wound curatives. The Company's current portfolio of commercial and clinical-stage wearable Electroceuticals® therapeutic devices addresses wound healing, pain, post-surgical pain and edema, cardiovascular disease, chronic kidney disease, and central nervous system (CNS) disorders, including traumatic brain injury (TBI), acute concussions, post-concussion syndrome and multiple sclerosis. The Company's noninvasive Electroceutical® therapeutic device, SofPulse®, which uses pulsed short-wave radiofrequency at 27.12 MHz, has been FDA-cleared and CE marked for the palliative treatment of soft tissue injuries and post-operative pain and edema. It also has CMS national coverage for the treatment of chronic wounds. The Company's current portfolio of preclinical-stage Electroceuticals® therapeutic devices addresses chronic kidney disease, liver disease, non-alcoholic steatohepatitis (NASH), cardiovascular and peripheral artery disease (PAD), and ischemic stroke. The Company's noninvasive, wearable Electroceuticals® therapeutic devices work by restoring key electrochemical processes that initiate anti-inflammatory and growth factor cascades necessary for healing to occur.
Website: www.endonovo.com
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Investor Relations Contact:
Endonovo Therapeutics, Inc.
Mr. Steve Barnes
(800) 701-1223 Ext. 108
sbarnes@endonovo.com
Media Contact:
Gregory A. McAndrews
Greg McAndrews & Associates
(310) 804-7037
greg@gregmcandrews.com
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