Rennova Health Provides Update on First Quarter Results
West Palm Beach, Fla., May 31, 2018 (GLOBE NEWSWIRE) — Rennova Health, Inc. (OTCQB: RNVA), (OTCQB: RNVAZ)(“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that recently announced the acquisition of its second rural hospital, announced today that it is close to completing and filing its first quarter 2018 financial results.
The Company filed an extension notice with the SEC on May 15 and stated an expectation to file its Form 10-Q on or prior to May 21, 2018.
In light of the extended delay, the Company would like to inform its shareholders that it has made considerable progress and is in the final stages of completing its quarterly report. The reasons for the delay are not material but instead are the result of a number of different things happening at once.
As previously announced the Company has undertaken a new, exciting and demanding direction with the acquisition of rural hospitals. This has led to a change in skill set requirements at a number of levels in the Company including financial. The Company has in recent months added adequate and experienced personnel to integrate and manage the hospital operations of our business but the transition and improvement in skills in our financial team has meant a delay in completing our first quarter financial report while they get completely up to speed with our financial reporting. Our financial statements contain derivative liabilities and other complex agreements that our new team has had to fully understand, adding to the delay in completing our first quarter financial statements.
Furthermore, the acquisition of our second hospital that is set for and expected to close successfully on June 1, 2018 has consumed the resources of our financial team and has also added to the delay in filing our first quarter financial report.
The Company appreciates that it has a strong history of filing its required reports on time, but has now been late with its most recent two filings. Steps have been taken to rectify this reporting deficiency and once this current 10-Q is filed we expect to submit all future filings timely.
The current review process of our 10-Q is likely to take another two weeks and while we cannot commit to a specific date at this time we want to reassure our shareholders that there is no material reason for this late filing and that every effort is being made by all parties involved to complete and file our first quarter 10-Q as quickly as possible. If the Company foresees any change in this timing, we will provide a further update.
About Rennova Health, Inc.
Rennova provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Sebastien Sainsbury, 561-666-9818