Jay Jennings Appointed Acting Chief Executive
Officer of UpHealth; Replacing Martin Beck
Announces the Promotion of Lisa Fluxman to President of TTC
Healthcare
Reaffirms Jeremy
Livianu as Chief Legal Officer and Secretary of
UpHealth
DELRAY
BEACH, Fla., July 15,
2024 /PRNewswire/ -- UpHealth, Inc. ("UpHealth," the
"Company") (NYSE: UPH), a global digital health company delivering
technology platforms, infrastructure, and services to modernize
care delivery and health management, today announced the
July 11, 2024 appointment by the
Board of Directors of the Company of Jay
Jennings, currently the Company's Chief Financial Officer,
to serve as the Company's Acting Chief Executive Officer, replacing
Martin Beck, who resigned as Chief
Executive Officer effective July 10,
2024. Mr. Beck also resigned from his position as a Class I
director of the Company effective July 10,
2024. On July 11, 2024, the
Board determined that it would not appoint any successor to fill
the vacancy created by Mr. Beck's resignation as a Class I director
at this time.
In addition, the Board promoted Lisa
Fluxman to President of TTC Healthcare, Inc., and
re-affirmed the position of Jeremy
Livianu as the Chief Legal Officer and Secretary of
UpHealth, Inc.
"The Board of UpHealth wants to thank Martin Beck for his service as the CEO of the
Company during the last year and wish him much luck in his future
endeavors. The Board has confidence that the newly assigned
leadership team of Jay, Lisa, and Jeremy will work diligently and
closely with the Board to steer the Company through the continuous
successful restructuring activities and resolutions of all legal
challenges that the Company has been confronting for the last few
years," said Dr. Avi Katz, Chairman
of the Board of UpHealth and all its subsidiaries."
About UpHealth
UpHealth, Inc. is a leading provider of a full continuum of
behavioral health solutions through the utilization of
evidence-based treatments and services. Operating through its TTC
Healthcare, Inc. subsidiary, UpHealth targets mental health issues
and substance use disorders with services provided by
psychiatrists, physicians, neurologists, licensed therapists, and
clinical social workers. The company's levels of care include
detox, residential, partial hospitalization programs, intensive
outpatient programs, outpatient, and telehealth. UpHealth's clients
include health plans, healthcare providers and community-based
organizations. For more information, please visit
https://uphealthinc.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. Such forward-looking
statements include, but are not limited to, the Ch. 11 bankruptcy
process and the operations and restructuring of UpHealth and its
subsidiaries with UpHealth Holdings under the protection of the
Bankruptcy Court, the projected operation and financial performance
of UpHealth, its product offerings and developments and reception
of its product by customers, and UpHealth's expectations, hopes,
beliefs, intentions, plans, prospects or strategies regarding the
future revenue and the business plans of UpHealth's management
team. Any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. In
addition, any statements that refer to projections, forecasts, or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intends," "may," "might," "plan,"
"possible," "potential," "predict," "project," "should," "would"
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. The forward-looking statements contained in
this press release are based on certain assumptions and analyses
made by the management of UpHealth considering their respective
experience and perception of historical trends, current conditions,
and expected future developments and their potential effects on
UpHealth as well as other factors they believe are appropriate in
the circumstances. There can be no assurance that future
developments affecting UpHealth will be those anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the parties), or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, including the ability of UpHealth to
service or otherwise pay its debt obligations, the mix of services
utilized by UpHealth's customers and such customers' needs for
these services, market acceptance of new service offerings, the
ability of UpHealth to expand what it does for existing customers
as well as to add new customers, uncertainty with respect to how
the U.S. and Indian courts shall decide various matters that are
before them or that the Glocal Board will act in compliance with
their fiduciary duties to their shareholders, that UpHealth will
have sufficient capital to operate as anticipated and the demand
for UpHealth's products, global supply chains and economic activity
in general. Should one or more of these risks or uncertainties
materialize or should any of the assumptions being made prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. UpHealth undertakes
no obligation to update or revise any forward-looking statements,
whether because of new information, future events, or otherwise,
except as may be required under applicable securities laws.
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SOURCE UpHealth, Inc.