UPD Holding Corp. (OTC: UPDC) is re-entering the beverage market, focusing on specialty waters and functional beverages through its subsidiary, United Product Development Corp. The acquisition of operating lines for various beverage formats cost $3.75 million, comprised of $1.25 million in common stock and a $2.5 million secured promissory note. Concurrently, Bill Nicholson joins the Board of Directors, bringing extensive experience, while Jeff Guest assumes the role of President at United Product. The company has also divested its interest in VHB Kentucky, reducing over $400,000 in debt.
UPD Holding Corp. (OTC: UPDC) announced the opening of its intensive outpatient substance use disorder treatment facility, Vital Behavioral Health™, in Frankfort, Kentucky, which began generating revenue in Q4 of its fiscal year ending June 30, 2022. The facility is now licensed to operate and is an approved service provider for Kentucky Medicaid recipients, partnering with six managed care organizations. This move aims to address the treatment gap in Kentucky, potentially appealing to both Medicaid and non-Medicaid clients.
UPD Holding Corp. (OTC: UPDC) announced on August 26, 2021, the approval of its first license to operate an intensive outpatient facility for treating substance use disorders in Kentucky. The facility is managed by its subsidiary, Vital Behavioral Health Inc. The company has received a $500,000 credit facility to support operations related to this new license. Vital aims to provide comprehensive care and offers transitional housing to assist patients in recovery. The approval addresses the growing need for substance abuse treatment services in the state.
UPD Holding Corp. (OTC: UPDC) has completed the acquisition of Vital Behavioral Health Inc. on February 16, 2021. This acquisition aims to address the growing need for substance abuse treatment services amidst rising overdose deaths linked to potent drugs like fentanyl. Vital, based in Frankfort, Kentucky, plans to provide Medicare and Medicaid eligible treatments and transitional living accommodations. The company issued 16,840,000 shares of restricted common stock to acquire 100% ownership of Vital, enhancing its service capabilities in the health and wellness sector.
UPD Holding Corp. (OTC: UPDC) has entered into a letter of intent to acquire Vital Behavioral Health Inc., a provider of Medicare and Medicaid eligible substance abuse treatments. This move aims to capitalize on the increasing demand for such services, especially in light of rising substance abuse rates due to the pandemic. Vital's flagship campus in Frankfort, Kentucky, is set to provide comprehensive treatment options, including sober living accommodations. The acquisition is contingent on due diligence and a definitive agreement but holds significant potential for market expansion in the health and wellness sector.