RENO, Nev., Feb. 24, 2021 (GLOBE NEWSWIRE) — UPD Holding Corp. (OTC:UPDC) (the “Company” or “UPDC”), a publicly traded holding company in the health and wellness industry, is pleased to announce that it closed the acquisition of Vital Behavioral Health Inc., a Nevada corporation (“Vital”), pursuant to an exchange agreement on February 16, 2021 (the “Exchange Agreement”).
“The acquisition of Vital marks an important milestone in our efforts to serve communities that are being impacted by drug and alcohol abuse,” said Mark Conte, CEO of the Company. “With overdose deaths on the rise due to the proliferation of high-potency drugs such as fentanyl, the need for adequate treatment and recovery programs is clear. We look forward to being a part of the solution.”
As previously announced on October 7, 2020, Vital was formed for the purpose of becoming a provider of Medicare and Medicaid eligible substance abuse treatments and therapies under the brand Vital Behavioral Health™, as well as a provider of sober and transitional living accommodations under the brand Vital Sober Living™.
Vital’s flagship campus is in Frankfort, Kentucky and includes treatment and housing facilities subject to the licencing requirements referenced below. The facilities are fully walkable and within 1,000 feet of a gym, grocery store, hair salon, vape shop, restaurants, municipal golf course, and city park with tennis courts, playgrounds, and a water park. Frankfort, the capitol city of Kentucky, is in Franklin County and is the hub for governmental assistance programs in the state. Client outreach will include the surrounding counties and nearby metropolitan areas of Louisville and Lexington.
The Frankfort campus is operated by Vital’s two wholly owned subsidiaries, VBH Frankfort LLC and VSL Frankfort LLC, both Nevada limited liability companies. VBH Frankfort LLC (d/b/a Vital Behavioral Health of Frankfort) is in the pre-application process to become a licensed nonhospital-based outpatient alcohol and other drug treatment entity and intends to file its application with the State of Kentucky prior to April 1, 2021.
VSL Frankfort LLC (d/b/a Vital Sober Living of Frankfort) currently has identified 30 apartment and townhome style units with an approximate 90-bed capacity and flexible living space configurations.
Pursuant to the Exchange Agreement, the Company issued 16,840,000 shares of its restricted common stock to the Vital shareholders in exchange for 100% of the outstanding common stock of Vital.
About Vital Behavioral Health Inc.
Vital Behavioral Health Inc. intends to be a national operator of clinical and transitional housing services for clients affected by substance use disorders and co-occurring disorders. Vital’s treatment plans are based on an individualized approach and are customized to meet each client’s special needs.
Clients of Vital Behavioral Health facilities are intended to have access to Medically Monitored Withdrawal Management Services (MMWM), a Partial Hospitalization Program (PHP), an Intensive Outpatient Program (IOP), and an Outpatient Program (OP). Clients who participate in the PHP, IOP, and OP treatment programs will be eligible for housing through Vital Sober Living, which is designed to give a client the ability to participate in his or her daily affairs and work and to have access to daily on-campus treatment at convenient times and locations.
By keeping most of its treatment facilities and housing on campuses that are conveniently located within walking distance to traditional community services, Vital hopes to create Sober Cities™ that will nurture its clients’ development through a continuum of care at all stages from detox to long-term self-sufficiency.
About UPD Holding Corp.
UPD Holding Corp. is a publicly traded holding company in the health and wellness industry that operates through its subsidiaries, Vital Behavioral Health Inc., VBH Frankfort LLC, VSL Frankfort LLC, United Product Development Corp., and iMetabolic Corp. The Company’s growth strategy focuses on target demographics and markets that are believed to represent underserved patient and consumer needs, as well as on leveraging marketing networks and customer remarketing opportunities across in-house operations and strategic partners.