FOXO TECHNOLOGIES INC.’S SUBSIDIARY, MYRTLE RECOVERY CENTERS, INC., ANNOUNCES EXPANSION OF ITS FLAGSHIP FACILITY AND FOCUS ON SUBSTANCE USE DISORDER PATIENTS WITH RELATED MEDICAL CARE NEEDS
The two additional beds create a revenue opportunity at a facility FOXO says has been close to full capacity for over a year.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
FOXO Technologies (FOXO) subsidiary Myrtle Recovery Centers received a Tennessee license to expand its flagship Oneida facility to 32 beds. The license increases capacity from 30 beds, with 16 residential beds and 16 detox beds.
Myrtle has also expanded its care focus to patients with medical needs alongside substance use disorders, supported in part by its relationship with affiliated Big South Fork Medical Center. In 2026, the facility admitted over 500 patients, accounting for over 7,500 patient days. FOXO said the facility has been close to full capacity for over a year and that demand and a refined business model support seeking expansion and acquisition opportunities.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointMyrtle’s Tennessee license permits expansion from 30 to 32 beds, adding capacity and revenue opportunity.
- Minor pointMyrtle expanded its care focus to include medical needs alongside substance use disorders, supported by its affiliated hospital.
- Minor pointOneida admissions reached over 500 patients in 2026, accounting for over 7,500 patient days.
- Minor pointMyrtle has admitted over 1,300 patients since September 2023, providing nearly 20,000 patient days of care.
- Minor point. Forward-looking: it has not happened yet and may not happen.FOXO cites demand and a refined business model as reasons to seek expansion and acquisition opportunities.
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
WEST PALM BEACH, FL, Oct. 19, 2026 (GLOBE NEWSWIRE) -- FOXO Technologies Inc.’s (OTC: FOXO) (“FOXO”) is pleased to announce that its subsidiary, Myrtle Recovery Centers, Inc. (“Myrtle”), recently received its license from Tennessee Department of Mental Health and Substance Abuse Services to allow it to expand its flagship facility in Oneida, Tennessee from 30 beds to 32 beds (consisting of 16 residential beds and 16 detox beds).
In addition, the facility, more recently, has expanded its patient care focus to include patients with medical care needs in addition to substance use disorder care needs. Myrtle is able to offer a wide range of services to these patients, in part, based on its close relationship with its host hospital, Big South Fork Medical Center, an affiliate of Myrtle.
Since inception in September 2023, Myrtle has admitted over 1,300 patients providing care for nearly 20,000 patient days. In 2026, Myrtle admitted over 500 patients (over 7,500 patient days) to its Oneida facility.
“We are pleased that the State of Tennessee has recently granted us a license to expand our operations in Oneida. The facility is experiencing significant, increased demand for our services from patients throughout East Tennessee,” stated Bob Merritt, Chief Executive Officer of Myrtle. “This demand is a testament to the quality of service our team provides.”
“The two additional beds create additional capacity and revenue opportunity for Myrtle,” noted Seamus Lagan, Chief Executive Officer of FOXO. He further commented, “the facility has been close to full capacity for over a year now and significant demand for services and a refined business model gives us the confidence to seek expansion and acquisition opportunities.”
About FOXO Technologies Inc. (“FOXO”)
FOXO owns and operates four key subsidiaries.
Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical Center), a critical access designated (CAH) hospital in East Tennessee.
Myrtle Recovery Centers, Inc., a 32-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services for MAT and OBOT Programs.
Vector BioSource, Inc. is an information, data and biospecimen sourcing provider serving the biotechnology, clinical research and pharmaceutical research industries.
FOXO Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.
For more information about FOXO, visit www.foxotechnologies.com.
Forward-Looking Statements
This press release contains forward-looking statements that include words such as "expects," "anticipates," "believes," "intends," "plans," "projects," "estimates," "may," "will," "should," "could," or similar expressions, are forward-looking statements. These statements are not historical facts, including statements about the FOXO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to 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; the ability to implement FOXO’s business plans, forecasts, and other expectations; the ability to obtain financing; the risk that FOXO has a history of losses and may not achieve or maintain profitability in the future; the enforceability of FOXO’s intellectual property, including its patents and the potential infringement on the intellectual property rights of others; and the risk of downturns and a changing regulatory landscape in the highly competitive industries in which FOXO operates. 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.
No Offer or Solicitation
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of FOXO, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. Any offer of securities will be made only by means of a registration statement or prospectus filed with, or an applicable exemption from the registration requirements of, the Securities Act of 1933, as amended.
Contact:
Sebastien Sainsbury
ssainsbury@foxotechnologies.com
(561) 485-0151
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is FOXO subsidiary Myrtle Recovery Centers expanding its Oneida facility?
Myrtle received a Tennessee license to increase its Oneida facility from 30 beds to 32 beds. The expanded capacity consists of 16 residential beds and 16 detox beds.
What additional patients is FOXO subsidiary Myrtle Recovery Centers now serving?
Myrtle has expanded its focus to include patients with medical care needs in addition to substance use disorders. Its relationship with affiliated host hospital Big South Fork Medical Center supports its ability to provide services to these patients.