RENO, Nev., Aug. 31, 2021 (GLOBE NEWSWIRE) -- UPD Holding Corp. (OTC:UPDC) (the “Company” or “UPDC”), a publicly traded holding company in the health and wellness industry, is pleased to announce the approval of its first license to operate an intensive outpatient facility for the treatment of substance use disorders in the Commonwealth of Kentucky on August 26, 2021.
Vital Behavioral Health Inc., a wholly owned subsidiary of UPDC (“Vital”), conducts business in Kentucky through the operating subsidiaries VBH Kentucky Inc., a Nevada corporation (“VBHK”), and VSL Frankfort LLC, a Nevada limited liability company (“VSLF”).
VBHK previously submitted an Application for License to Operate a Nonhospital-based Alcohol and Other Drug Treatment Entity (AODE) to the Kentucky Cabinet for Health and Family Services (CHFS) Office of the Inspector General (OIG). The OIG is the regulatory and licensing agency for all health care facilities in the commonwealth. An inspection of VBHK’s facility in Frankfort, Kentucky was conducted by the OIG on August 26, 2021, after which VBHK’s application for licensure was approved.
“The approval of this license comes at a time when alcohol and drug abuse treatment services are needed now more than ever in Kentucky, and we are pleased to be part of the solution,” said Mark Conte, CEO of the Company. “We look forward to providing a long-term continuum of care to our patients and completing our development of sober-living transitional housing facilities that will assist our patients in maintaining their sobriety.”
Vital’s flagship campus is located in Frankfort, Kentucky and includes treatment and housing facilities that are fully walkable and within a 1,000 feet of a gym, grocery store, hair salon, vape shop, restaurants, municipal golf course, and city park with tennis courts, playgrounds, and a water park. Frankfort, the capitol city of Kentucky, is located in Franklin County and is the hub for governmental assistance programs in the state. Client outreach includes the surrounding counties and nearby metropolitan areas of Louisville and Lexington.
The Company recently obtained a credit facility of $500,000.00 that was fully funded on August 24, 2021. Those funds are available to meet the general obligations of the Company, including the working capital needs of VBHK associated with the newly licensed operations.
Additional information concerning the Company’s recent license approval and credit facility is available in its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission.
About Vital Behavioral Health Inc.
Vital Behavioral Health Inc. intends to become a leading provider of Medicare and Medicaid eligible substance abuse treatments and therapies throughout the United States under the brand Vital Behavioral Health™, as well as a provider of sober and transitional living accommodations under the brand Vital Sober Living™.
About UPD Holding Corp.
UPD Holding Corp. is a publicly traded holding company in the health and wellness industry that conducts business through its primary operating subsidiaries, Vital Behavioral Health Inc., VBH Kentucky Inc., and VSL Frankfort LLC.
Mark Conte, CEO & Director
(775) 829-7999
Notice About Forward-Looking Statements
This news release may contain "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed for any acquisitions, production, marketing, products or product sales, and the timeliness within which such items may be accomplished, as referred to in this news release.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with acquisitions, product development and sale. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time.
