Company terminated leases of three residential care facilities and redirects cash flow into technology services investments
San Antonio, Texas, June 29, 2023 (GLOBE NEWSWIRE) -- Clearday, Inc. (OTCQX: CLRD) (“Clearday” or the “Company”), an innovative longevity technology company using an integrated platform of robotic companion care and AI-driven solutions to serve the senior adult care sector, continues their strategic pivot to asset light solutions by terminating leases of three residential care facilities.
Shedding three facilities and terminating the associated leases is expected to remove more than $27 million in liabilities, subject to certain adjustments. These facilities have been a drain on cash flow. These cash flows can now be utilized to make further investments in AI empowered robotic caregiver services. CEO and Founder, Jim Walesa: “We are excited to move away from the high fixed cost, sub-optimal approach to the care crisis and continue our embrace of the future of longevity care: AI powered robotic technology.”
By 2030, every baby boomer will be 65 years or older, that represents one in five Americans. With a shortage of nurses, care workers, a challenged economy and rising labor costs, the US is in or facing a care crisis.
Clearday believes success in longevity care and solving the care crisis is not about owning and operating the physical facilities, but is providing the technological solutions to extend, promote and provide a richer client life through meaningful days. The center of Clearday’s digital platform (CDP), the product of multiple years of technological innovation and investment, is our AI powered care robotic caregiver that we believe is the future of longevity care and a solution to America’s longevity care crisis.
Chairman and CEO, Jim Walesa noted, “The care crisis is and will be about addressing the individual needs of every patient. Our neural network robotic solution will enable every patient to have an individual caregiver. Our digital platform will provide many more meaningful days for our clients.”
Viveon Health Acquisition Corp Founder, Jagi Gill: “The termination of these leases significantly reduces operating cash flow losses and enables us to focus on our innovative care products and services including Clearday’s proprietary at Home digital offering.”
Jim Walesa, “Thank you again to Singular Research for selecting us to present at their recent Solstice conference. We look forward to being a part of the Singular family with more events in the future. The company has now posted its video presentation on the website: www.myclearday.com. The video is a good representation of the strategic pivot of the company to asset light solutions.”
About Clearday Inc.
Clearday™ is an innovative longevity healthcare technology company with a modern, hopeful vision for making high-quality care solutions more accessible, affordable, and empowering for aging individuals and their families. Clearday has a decades-long experience in non-acute care through its subsidiary Clearday Living, which operates highly-rated residential memory care and adult daycare communities. Its Longevity Care Platform brings Clearday solutions to people wherever they are. Its platform is at the intersection of telehealth, remote monitoring, and patient engagement — all delivered across mobile, wearable, and robotic endpoints in a Software-as-a-Service (SaaS) and Robotics as a Service (RaaS) model. Learn more about Clearday and its pioneering legislative efforts to bring the “Innovative Cognitive Care Act for Veterans” to Congress at www.myclearday.com/viveon/.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "trajectory," "focus," "work to," "attempt," "pursue," or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances and are not guarantees of future performance. Actual results may differ materially from those indicated by forward-looking statements as a result of various factors, risks and uncertainties. These forward-looking statements should not be relied upon as representing Clearday's views as of any date subsequent to the date hereof. This release includes information from third sources from published reports providing such information and we have assumed the accuracy of such reports without independent investigation or inquiry. This communication is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to purchase any securities of the Company.