Business
Clearday Signs a Letter of Intent to Purchase a Property Portfolio and Further Diversify its Revenue Streams
Clearday Signs a Letter of Intent to Purchase a Property Portfolio and Further Diversify its Revenue Streams.
About this update from Clearday, Inc.
[{"type":"text","content":"\n San Antonio, Texas, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Clearday, Inc. (OTCQX:CLRD) (“Clearday”, the “Company” or “we”) is pleased to report its progress to diversify it income streams. Clearday has signed a nonbinding Letter of Intent to acquire two adjacent senior living properties in the Southeastern United States. These properties are on over 14 acres of land, provide independent and assisting residential care services for more than 200 people and we believe are projected to generate approximately $8.5 million or more in total revenues and provide opportunities for additional revenues from our innovative care products and services, including robotics and our digital service Clearday at Home. The letter of intent provides for an aggregate purchase price of approximately $44 million which is subject to specified and customary apportionments and adjustments. A special purpose subsidiary of Clearday expects to provide a draft purchase and sale agreement to the seller on or prior to January 30, 2023 and to be able to enter into this agreement soon thereafter. Acquisition of these properties will be subject to customary closing conditions including the execution of a mutually acceptable purchase and sale agreement, the receipt of all regulatory approvals and financing on terms acceptable to Clearday. James Walesa, CEO and Founder of Clearday stated, “Last Spring we engaged the international banking group, DelMorgan & Co. to raise capital based on our business plan that includes opportunities to expand our footprint and services in Senior Living to diversify our income streams and provide a beachhead to for our innovative care products and services. We were able to identify this opportunity to purchase senior living residential communities in an off-market transaction due in large part to our many relationships in the real estate and senior living care industries. We believe that this opportunity that provides stabilized properties will enable us to increase revenues and further increase our opportunities for use innovative care solutions such as our digital service Clearday at Home an our companion robotic services that have been successful in our existing communities.” Mr. Walesa added, “Population movement to the Southern states has increased significantly in part as the...