Viveon Healthcare Increases Consideration Offered to Clearday Shareholders

In Amendment to the Definitive Merger Agreement Clearday Receives Higher Valuation

San Antonio, Texas, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Clearday, Inc. (OTCQX: CLRD), an innovative longevity technology company using an integrated platform of robotic companion care and AI-driven technology to serve the senior adult care sector, is pleased to announce an amendment to the Definitive Merger Agreement previously signed on April 5, 2023, issued by Viveon Healthcare Acquisition Corporation (NYSE American: VHAQ) (“Viveon”). Viveon confirmed its commitment to the merger and increased Clearday’s valuation. Viveon and Clearday continue to work to close the merger.

James Walesa, CEO of Clearday, said, “This is a great outcome for our shareholders. We met the founders of Viveon in early 2023 and immediately felt the potential and synergies. As health care professionals themselves, Viveon’s team shared our vision of providing leading edge technology to supplement personal care supporting the addressable longevity care market that is estimated to be more than $275 billion. Clearday’s innovative solutions provide better engagement for families and their loved ones. Our solutions have demonstrated a significant reduction in senior falls and anti-anxiety medications in our communities. We believe that Clearday’s innovative solutions, combined with Viveon’s enterprise expertise will open the door to supporting millions of seniors on a daily basis. ”

Our innovative platform of services combined with successful relationships with the Veterans Administration in our Daily Care community resonated significantly with Viveon. The increased understanding of Clearday’s opportunity set across markets led to the company’s being afforded a strategic valuation.

The terms of our business combination improved steadily as Clearday’s true potential was understood by the Viveon team. An initial letter of intent in March 2023 valued the Company at $150 million. The formal definitive agreement In April increased the consideration to $250 million. Further collaboration and analysis have led the Viveon Board to approve an amendment to the definitive agreement on August 28, 2023. The amended agreement increases again the offer to Clearday shareholders to $500 million (plus an additional $50 million earnout incentive).