FOXO Technologies Inc. (NYSE American: FOXO)
(“FOXO” or the “Company”), a leader in the field of commercializing
epigenetic biomarker technology, today provided a letter to
shareholders from the Company’s newly appointed interim CEO, Mark
White.
“While this has been a turbulent period for the Company, I am
honored to take the helm of FOXO Technologies. Before accepting
this role, I undertook a comprehensive review of the technology and
market potential for FOXO’s proprietary epigenetic biomarker
technology, including detailed discussions with key opinion
leaders, insurance executives, and others within the field. I am
highly encouraged by the immense potential of this platform.
However, the board and I recognized the immediate need for a new
direction to unlock shareholder value.
“Towards this end, we are laser-focused on driving value by
adopting a new, more cost-effective, go-to-market strategy,
including consumer-facing AI technologies. This strategy would
include a FOXO subscription-based app, utilizing existing health
and wellness analytic tools, as well as leveraging AI, machine
learning and epigenetic data, to enhance health, wellness, and
longevity. We also plan to white-label and provide API connectivity
to other operators in the sector. Given my background in AI and
technology, I truly believe FOXO has tremendous assets with the
potential to transform healthcare by providing subscribers with new
tools that have the potential to extend and improve their quality
of life.
“As part of our overall strategy, we are also exploring a
variety of potential strategic alternatives, which could include
the acquisition of complementary AI technologies and/or strategic
sales of assets to maximize value for shareholders. This could
include the implementation of a powerful new AI platform that I
have been personally involved in before joining the Company. At the
same time, we have immediately undertaken a significant initiative
to streamline costs within the organization and eliminate non-core
expenses. While I recognize that many of our shareholders are
frustrated with the slow progress of the Company under prior
management, I can assure you that the new team is highly
experienced in delivering various AI, software, and technology
solutions.
“In my short time since joining FOXO last month, we have already
begun implementing highly targeted initiatives within the
organization.
- First, we have identified several exciting business
opportunities around personalized healthcare in epigenetics. These
opportunities focus on developing innovative tools that empower
individuals and healthcare professionals to make informed decisions
about health and well-being.
- Second, we strategically decided to pause sales of new life
insurance products and move existing producers out of the MGA Model
hierarchy to conserve cash resources and focus existing resources
on FOXO Labs.
- Third, we have begun reducing expenses and rationalizing our
staff count.
- Finally, we have identified non-core business assets, including
dormant software, which, if sold, would enhance our balance
sheet.
“Importantly, the market is rapidly evolving, and we must stay
ahead of market trends. Given the growing demand for
direct-to-consumer wellness testing and epigenetic data analysis
tools, as mentioned, we are shifting our strategic focus away from
selling life insurance products through our MGA Model and instead
concentrating efforts on our Bioinformatics Services offering, a
suite of bioinformatic tools to help process, analyze, and
interpret epigenetic data. We also intend to accelerate the
development of new health and wellness testing tools powered by the
latest machine learning and artificial intelligence technologies.
In addition to our proprietary epigenetic biomarker technology, the
company has amassed extensive epigenetic data through our clinical
trials and the expertise of our team that we plan to leverage
through strategic alliances with partners in academia, business,
healthcare, and government. All of these initiatives are designed
to enhance the delivery of health and well-being data directly to
consumers and third-party service providers to drive new revenue
streams for the Company.
“Overall, I am encouraged by the new direction for the business,
and I look forward to working closely with our Chairman, Bret
Barnes, a true pioneer in the field of bioinformatics, with immense
knowledge and understanding of the industry. We are also committed
to regularly communicating with shareholders to keep you informed
of developments as they unfold. I truly appreciate the support of
our shareholders and believe the best days for FOXO lie ahead.”
About FOXO Technologies Inc. (“FOXO”)
FOXO, a technology platform company, is a leader in epigenetic
biomarker discovery and commercialization focused on
commercializing longevity science through products and services
that serve multiple industries, including life insurance. FOXO's
epigenetic technology applies AI to DNA methylation to identify
molecular biomarkers of human health and aging. FOXO seeks to
modernize the life insurance industry by simplifying the consumer
underwriting journey with saliva-based biomarkers and enhancing
life insurance’s consumer value proposition with the FOXO Longevity
Report. For more information about FOXO, visit
www.foxotechnologies.com. For more information about FOXO LIFE,
visit www.foxolife.com. For investor information and updates, visit
https://foxotechnologies.com/investors/.
Forward-Looking Statements
This press release contains certain forward-looking statements
for purposes of the “safe harbor” provisions under the United
States Private Securities Litigation Reform Act of 1995. Any
statements other than statements of historical fact contained
herein, including statements as to future results of operations and
financial position, planned products and services, business
strategy and plans, objectives of management for future operations
of FOXO, market size and growth opportunities, competitive position
and technological and market trends, are forward-looking
statements. Such forward-looking statements include, but not
limited to, expectations, hopes, beliefs, intentions, plans,
prospects, financial results or strategies regarding FOXO; the
future financial condition and performance of FOXO and the products
and markets and expected future performance and market
opportunities of FOXO. These forward-looking statements generally
are identified by the words “anticipate,” “believe,” “could,”
“expect,” “estimate,” “future,” “intend,” “strategy,” “may,”
“might,” “strategy,” “opportunity,” “plan,” project,” “possible,”
“potential,” “project,” “predict,” “scales,” “representative of,”
“valuation,” “should,” “will,” “would,” “will be,” “will continue,”
“will likely result,” and similar expressions, but the absence of
these words does not mean that a statement is not forward-looking.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk of changes in
the competitive and highly regulated industries in which FOXO
operates, variations in operating performance across competitors or
changes in laws and regulations affecting FOXO’s business; (ii) the
ability to implement FOXO’s business plans, forecasts, and other
expectations; (iii) the ability to obtain financing if needed; (iv)
the ability to maintain its NYSE American listing; (v) the risk
that FOXO has a history of losses and may not achieve or maintain
profitability in the future; (vi) potential inability of FOXO to
establish or maintain relationships required to advance its goals
or to achieve its commercialization and development plans; (vii)
the enforceability of FOXO’s intellectual property, including its
patents and the potential infringement on the intellectual property
rights of others; and (viii) the risk of downturns and a changing
regulatory landscape in the highly competitive biotechnology
industry or in the markets or industries in which FOXO’s
prospective customers operate. The foregoing list of factors is not
exhaustive. Readers should carefully consider the foregoing factors
and the other risks and uncertainties discussed in FOXO’s most
recent reports on Forms 10-K and 10-Q, particularly the “Risk
Factors” sections of those reports, and in other documents FOXO has
filed, or will file, with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and FOXO assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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Crescendo Communications, LLC (212) 671-1020
foxo@crescendo-ir.com
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