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Endonovo Announces Binding Letter of Intent to Sell SofPulse® Assets to Spin-Off Company
Endonovo Announces Binding Letter of Intent to Sell SofPulse® Assets to Spin-Off Company.
About this update from Endonovo Therapeutics, Inc.
[{"type":"text","content":"\n Los Angeles, CA, March 29, 2023 (GLOBE NEWSWIRE) -- Endonovo Therapeutics Inc. (OTCQB: ENDV) today announced a binding Letter of Intent (LOI) to spin off its current medical device division to an entity controlled by Ira Weisberg, who will be the future President and CEO of a newly formed publicly-traded Delaware company, tentatively named SofPulse, Inc. As a condition of the executed LOI and to establish fair market value for the completion of the acquisition, SofPulse® assets and Intellectual Property (IP) are currently being evaluated by Ocean Tomo, a part of JS Held. This acquisition is subject to the successful completion of due diligence, negotiation and execution of a definitive purchase agreement as well as receipt of all necessary regulatory approvals. Ocean Tomo Valuation to Set Market Value for Spin-Off As previously announced, Endonovo hired Ocean Tomo to value its medical IP assets for an anticipated Spin-Off. The fairness opinion report will be used in SEC filings and will include opinions on the current Fair Market Value (FMV) and purchase price of the assets. Endonovo will retain its non-medical PEMF assets and the future telehealth division. Ocean Tomo is a leading provider of expert opinion and consulting services for IP and intangible assets. The last valuation report issued for Endonovo’s SofPulse® IP and assets, completed in 2018, stated that these assets were worth $75 million. Upon completion of the current Ocean Tomo valuation, Ira Weisberg, president of the medical device division, has previously stated that he believes that SofPulse, Inc. will have a pre-money valuation in excess of $50 million. Endonovo’s existing mergers & acquisitions (M&A) division and to be formed Pulsed Electro Magnetic Frequency (PEMF) non-medical division will focus on mergers and acquisitions strategy and commercialization of the human non-medical PEMF assets. Current shareholders of Endonovo will not have their ownership in Endonovo affected by the Spin-Off and will have a to be determined interest in the spun-off entity. SofPulse, Inc. to Move Forward with Commercialization of SofPulse® Assets SofPulse, Inc. is set to expand its sales and marketing programs to promote the SofPulse® portfolio of commercial and clinical-stage wearable therapeutic devices and IP. The acquisition of Endo...