The Joint Corp. Secures $7.5 Million Line of Credit with J.P. Morgan Chase Bank

SCOTTSDALE, Ariz., March 03, 2020 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national operator, manager and franchisor of chiropractic clinics, closed a senior secured credit facility with J.P. Morgan Chase Bank, N.A. for $7.5 million, including a $5.5 million development line of credit (LOC) and a $2.0 million revolving LOC, which has an uncommitted accordion feature for an additional $2.5 million. The company repaid its previous LOC prior to December 31, 2019.

“We are excited to complete a milestone transaction that increases our balance sheet flexibility while reducing costs, reflecting the increasing strength of our financial position,” stated Jake Singleton, Chief Financial Officer of The Joint Corp. “In 2019, we funded our 13 company-owned or managed clinic growth using cash from operations. This non-dilutive financing vehicle will increase our ability to expand development, and we are pleased J.P. Morgan has chosen to support The Joint and our mission.”

On January 9, 2020, the company provided guidance that it expects to open 80 to 90 franchised clinics, up from 71 in 2019 and 47 in 2018, and increase company-owned or managed portfolio clinics by 16 to 20 through new greenfield clinics and franchised clinic buybacks, up from 13 in 2019 and 1 in 2018.

About The Joint Corp. (NASDAQ: JYNT)

The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, the company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. With more than 500 locations nationwide and over 7 million patient visits annually, The Joint is a key leader in the chiropractic industry. Named on Franchise Times “Top 200+ Franchises” and Entrepreneur’s “Franchise 500” lists, The Joint Chiropractic is an innovative force, where healthcare meets retail. For more information, visit www.thejoint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.

Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, West Virginia and Wyoming, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.