Los Angeles, CA, March 29, 2023 (GLOBE NEWSWIRE) -- Endonovo Therapeutics Inc. (OTCQB: ENDV) today announced a binding Letter of Intent (LOI) to spin off its current medical device division to an entity controlled by Ira Weisberg, who will be the future President and CEO of a newly formed publicly-traded Delaware company, tentatively named SofPulse, Inc.
As a condition of the executed LOI and to establish fair market value for the completion of the acquisition, SofPulse® assets and Intellectual Property (IP) are currently being evaluated by Ocean Tomo, a part of JS Held. This acquisition is subject to the successful completion of due diligence, negotiation and execution of a definitive purchase agreement as well as receipt of all necessary regulatory approvals.
Ocean Tomo Valuation to Set Market Value for Spin-Off
As previously announced, Endonovo hired Ocean Tomo to value its medical IP assets for an anticipated Spin-Off. The fairness opinion report will be used in SEC filings and will include opinions on the current Fair Market Value (FMV) and purchase price of the assets. Endonovo will retain its non-medical PEMF assets and the future telehealth division. Ocean Tomo is a leading provider of expert opinion and consulting services for IP and intangible assets.
The last valuation report issued for Endonovo’s SofPulse® IP and assets, completed in 2018, stated that these assets were worth $75 million. Upon completion of the current Ocean Tomo valuation, Ira Weisberg, president of the medical device division, has previously stated that he believes that SofPulse, Inc. will have a pre-money valuation in excess of $50 million.
Endonovo’s existing mergers & acquisitions (M&A) division and to be formed Pulsed Electro Magnetic Frequency (PEMF) non-medical division will focus on mergers and acquisitions strategy and commercialization of the human non-medical PEMF assets. Current shareholders of Endonovo will not have their ownership in Endonovo affected by the Spin-Off and will have a to be determined interest in the spun-off entity.
SofPulse, Inc. to Move Forward with Commercialization of SofPulse® Assets
SofPulse, Inc. is set to expand its sales and marketing programs to promote the SofPulse® portfolio of commercial and clinical-stage wearable therapeutic devices and IP. The acquisition of Endonovo’s SofPulse® assets and IP aligns with SofPulse, Inc.'s growth plans to provide targeted non-invasive pain and edema reduction while mitigating the risks of addiction and dependence on opioids while accelerating recovery in surgical patients.
SofPulse, Inc. plans to continue its focus on bringing PEMF technology to the global pain management market. It will also expand on current initiatives with the Department of Defense, the VA and other surgical and pain management markets. With Weisberg’s proven expertise of over 25 years of success in the medical industry, SofPulse, Inc. aims to revolutionize pain management and continue to improve patient outcomes.
Weisberg stated with the announcement: “The acquisition aligns with our mission to provide innovative solutions that improve patient outcomes and support the medical community. With our sales and marketing initiatives along with resources in both domestic and international markets, we are confident that we can continue to build on the success of SofPulse®.”
Weisberg to Lead SofPulse, Inc. and Plans to Become NASDAQ Listed
A proposed move to NASDAQ is expected to increase the company's exposure as part of a coordinated plan to solidify its position as a leader in the medical industry. Towards that end, Weisberg is assembling a team with extensive experience in the medical device industry to take SofPulse® to the next level and expand its offerings. Weisberg has previously stated that the new company aims to increase sales to more than $100 million by 2024 through aggressive sales and marketing initiatives.
About Endonovo Therapeutics, Inc.
Endonovo Therapeutics is currently structured into two divisions: Legacy – a commercial-stage developer primarily of noninvasive wearable Electroceuticals® therapeutic devices for pain relief, general wellness and wound curatives with many of its products marketed under the SofPulse® brand name; and its Build Up Strategy – acquiring complementary specialty service providers in the construction industry.
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.
Steve Barnes
(800) 701-1223 Ext. 108
sbarnes@endonovo.com
www.endonovo.com
Media Contact:
Gregory A. McAndrews
Greg McAndrews & Associates
(310) 804-7037
greg@gregmcandrews.com
