“While this has been a turbulent period for the Company, I am honored to take the helm of FOXO Technologies. Before accepting this role, I undertook a comprehensive review of the technology and market potential for FOXO’s proprietary epigenetic biomarker technology, including detailed discussions with key opinion leaders, insurance executives, and others within the field. I am highly encouraged by the immense potential of this platform. However, the board and I recognized the immediate need for a new direction to unlock shareholder value.
“Towards this end, we are laser-focused on driving value by adopting a new, more cost-effective, go-to-market strategy, including consumer-facing AI technologies. This strategy would include a FOXO subscription-based app, utilizing existing health and wellness analytic tools, as well as leveraging AI, machine learning and epigenetic data, to enhance health, wellness, and longevity. We also plan to white-label and provide API connectivity to other operators in the sector. Given my background in AI and technology, I truly believe FOXO has tremendous assets with the potential to transform healthcare by providing subscribers with new tools that have the potential to extend and improve their quality of life.
“As part of our overall strategy, we are also exploring a variety of potential strategic alternatives, which could include the acquisition of complementary AI technologies and/or strategic sales of assets to maximize value for shareholders. This could include the implementation of a powerful new AI platform that I have been personally involved in before joining the Company. At the same time, we have immediately undertaken a significant initiative to streamline costs within the organization and eliminate non-core expenses. While I recognize that many of our shareholders are frustrated with the slow progress of the Company under prior management, I can assure you that the new team is highly experienced in delivering various AI, software, and technology solutions.
“In my short time since joining FOXO last month, we have already begun implementing highly targeted initiatives within the organization.
- First, we have identified several exciting business opportunities around personalized healthcare in epigenetics. These opportunities focus on developing innovative tools that empower individuals and healthcare professionals to make informed decisions about health and well-being.
- Second, we strategically decided to pause sales of new life insurance products and move existing producers out of the MGA Model hierarchy to conserve cash resources and focus existing resources on FOXO Labs.
- Third, we have begun reducing expenses and rationalizing our staff count.
- Finally, we have identified non-core business assets, including dormant software, which, if sold, would enhance our balance sheet.
“Importantly, the market is rapidly evolving, and we must stay ahead of market trends. Given the growing demand for direct-to-consumer wellness testing and epigenetic data analysis tools, as mentioned, we are shifting our strategic focus away from selling life insurance products through our MGA Model and instead concentrating efforts on our Bioinformatics Services offering, a suite of bioinformatic tools to help process, analyze, and interpret epigenetic data. We also intend to accelerate the development of new health and wellness testing tools powered by the latest machine learning and artificial intelligence technologies. In addition to our proprietary epigenetic biomarker technology, the company has amassed extensive epigenetic data through our clinical trials and the expertise of our team that we plan to leverage through strategic alliances with partners in academia, business, healthcare, and government. All of these initiatives are designed to enhance the delivery of health and well-being data directly to consumers and third-party service providers to drive new revenue streams for the Company.
“Overall, I am encouraged by the new direction for the business, and I look forward to working closely with our Chairman, Bret Barnes, a true pioneer in the field of bioinformatics, with immense knowledge and understanding of the industry. We are also committed to regularly communicating with shareholders to keep you informed of developments as they unfold. I truly appreciate the support of our shareholders and believe the best days for FOXO lie ahead.”
