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MINNEAPOLIS, MN, March 19, 2025 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (the “Company”), announces that it has signed a non-binding agreement to acquire Vector Biosource Inc. (“Vector”). Vector is an information and biospecimen sourcing provider serving the biotechnology, clinical research and pharmaceutical research industries. Vector expects to generate $800,000 of revenues in 2025 without additional capital.
The purchase price consists of: (i) $750,000 in stated value of the Company’s Series D Cumulative Redeemable Preferred Stock (the “Series D Preferred Stock”), (ii) an additional $750,000 of Series D Preferred Stock subject to achieving certain agreed-upon revenue and cash collections milestones in 2025, and (iii) earnout payments, payable in Series D Preferred Stock, based on revenues and cash collections in 2026 and 2027. Closing of the transaction is subject to completion of definitive agreements (expected to be within 45 days), satisfactory due diligence, provision of $1 million of working capital and other closing conditions.
“We are excited to have reached agreement with Vector to move forward with this strategic acquisition,” said Seamus Lagan, CEO of FOXO. “We were attracted to Vector’s unique position in this healthcare sector, and its growth profile, and we are focused on working closely with Vector senior leadership to aggressively expand the Vector platform.” Frank Dias, Jr., CEO of Vector explained, “we believe the partnership with FOXO will allow Vector to achieve its near and long term growth plans by providing growth capital, corporate infrastructure and potential synergies with other FOXO subsidiaries. We anticipate a significant increase in expected revenues with the provision of growth capital and corporate infrastructure by FOXO.”
About FOXO Technologies Inc. (“FOXO”)
FOXO owns and operates three subsidiaries.
Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical), a critical access designated (CAH) hospital in East Tennessee.
Myrtle Recovery Centers, Inc., a 30-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services for MAT and OBOT Programs.
Foxo Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.
For more information about FOXO, visit www.foxotechnologies.com.