Selectis Health Completes Sale of Archway Transitional Care Center in Georgia

GREENWOOD VILLAGE, Colo., June 21, 2024 (GLOBE NEWSWIRE) -- Selectis Health, Inc. (OTC: GBCS) ("Selectis" or the "Company") announced that its wholly-owned subsidiary, Goodwill Hunting, LLC (the “Seller”), has consummated and closed the sale of property located in Macon, Bibb County, Georgia, including the skilled nursing facility known as Archway Transitional Care Center¹ (collectively, “the Archway Property”). In accordance with the original Purchase and Sale Agreement (the “PSA”) executed on May 1, 2024, Bibb County Holdings II, LLC (the “Purchaser”) has purchased the Archway Property for $6.75 million. The sale was completed on June 18, 2024.

Under the terms of this agreement, the Purchaser will acquire the real estate, buildings and improvements, along with certain personal property used in the operation of the Archway Property. This Transaction has been completed on time and reflects the expectations and financial details pursuant to the original PSA.

Adam Desmond, CEO of Selectis Health, commented: “The completion of the Archway Property sale is a testament to our operational improvement initiatives and serves as an initial step towards greater organizational efficiency. We expect the additional capital from the sale of the Archway Property to enhance our balance sheet, retire existing debt and allow for greater flexibility towards optimizing our remaining facility footprint. We will continue to evaluate strategic alternatives moving forward and remain opportunistic in pursuing further real estate and operational improvement projects.”

Following completion of the transaction, the Company and its wholly owned affiliates will continue to own and operate existing facilities in the state of Georgia. This includes the Eastman Healthcare & Rehabilitation, Glen Eagle Nursing & Rehabilitation, Providence of Sparta Healthcare & Rehabilitation, and Warrenton Healthcare & Rehabilitation facilities. The Company’s total remaining footprint is summarized below:

Remaining Facilities Post-Transaction

For more information on the transaction, please see the Company’s associated Form 8-K disclosure, expected to be filed on June 20, 2024.

About Selectis Health

Selectis Health owns and/or operates healthcare facilities in Arkansas, Georgia, Ohio, and Oklahoma, providing a wide array of living services, speech, occupational, physical therapies, social services, and other rehabilitation and healthcare services. Selectis focuses on building strategic relationships with local communities in which its partnership can improve the quality of care for facility residents. With its focused growth strategy, Selectis intends to deepen its American Southcentral and Southeastern market presence to better serve the aging population along a full continuum of care.

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Forward Looking Statements

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Although we believe that any forward-looking statements, we make in this press release are reasonable, because forward-looking statements involve future risks and uncertainties, there are factors that could cause actual results to differ materially from those expressed or implied. For example, a few of the uncertainties that could affect the accuracy of forward-looking statements, besides the specific factors identified above in the Risk Factors section of this press release, include:

Investor Relations Contact

Scott Liolios or Patrick Hall

Gateway Group, Inc.

(949) 574-3860

¹ Leased facilities operated by third parties.

² All located on the same campus in Tulsa, OK.