FOXO Technologies Inc. (NYSEAM: FOXO), a technology platform
company whose products and services seek to address long-standing,
core problems within the life insurance industry through epigenetic
longevity science, today announced that effective November 14,
2022, Jon Sabes has been terminated as Chief Executive Officer and
Chairman of the Board of the Company. The Board has appointed Tyler
Danielson, Chief Technology Officer of the Company, as Interim
Chief Executive Officer, and Bret Barnes as Chairman of the Board.
The Company has initiated a search process to identify its next
Chief Executive Officer. Mr. Danielson will also continue in his
role as Chief Technology Officer.
Mr. Danielson has served as the Chief Technology Officer of the
Company and its predecessor since 2020. From 2019 to 2020, Mr.
Danielson served as DXO Platform Product Owner at one of the
largest Global Food Distributors. Before that, from 2015 to 2019,
Mr. Danielson served as User Interface Software Architect at a
major financial services company. Mr. Danielson holds a Master’s
Degree in Computer Science from the University of Minnesota and a
Bachelor’s Degree from Luther College.
“I’m honored by this appointment and would like to express my
sincere dedication and unwavering commitment to serving the Company
and its shareholders,” said Mr. Danielson. “I look forward to
working with the Board and Management team to ensure a smooth
transition, and I am excited to continue advancing our goal of
making healthy longevity fundamental to the insurance industry.
Mr. Barnes has served as a member of the Board since September
13, 2022, the date the Company (previously known as Delwinds
Insurance Acquisition Corp.) consummated its business combination
with FOXO Technologies Inc. (now a wholly owned subsidiary of the
company known as FOXO Technologies Operating Company).
The Compensation Committee of the Board will be meeting shortly
to determine the compensation to be paid to Mr. Danielson in
connection with his appointment as Interim Chief Executive
Officer.
FOXO also announces that Steve Sabes was terminated as Chief
Operating Officer, effective November 14, 2022.
Further, FOXO announces that it will file for an extension with
the SEC for the filing of its quarterly report on Form 10-Q for the
quarterly period ended September 30, 2022.
About FOXO Technologies Inc. (“FOXO”)
FOXO is a technology platform company focused on commercializing
longevity science through products and services that serve the life
insurance industry. FOXO's epigenetic technology applies AI to DNA
methylation to identify molecular biomarkers of human health and
aging. FOXO seeks to modernize the life insurance industry by
simplifying the consumer underwriting journey with saliva-based
biomarkers and enhancing life insurance’s consumer value
proposition with the FOXO Longevity Report™. For more information
about FOXO, visit www.foxotechnologies.com. For more information
about FOXO LIFE, visit www.foxolife.com. For investor information
and updates, visithttps://foxotechnologies.com/investors/.
Forward-Looking Statements
This press release contains certain forward-looking statements
for purposes of the “safe harbor” provisions under the United
States Private Securities Litigation Reform Act of 1995. Any
statements other than statements of historical fact contained
herein, including statements as to future results of operations and
financial position, planned products and services, business
strategy and plans, objectives of management for future operations
of FOXO, market size and growth opportunities, competitive position
and technological and market trends, are forward-looking
statements. Such forward-looking statements include, but not
limited to, expectations, hopes, beliefs, intentions, plans,
prospects, financial results or strategies regarding FOXO and the
future held by management teams of FOXO, the future financial
condition and performance of FOXO and the products and markets and
expected future performance and market opportunities of FOXO. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “could,” “expect,” “estimate,” “future,”
“intend,” “strategy,” “may,” “might,” “strategy,” “opportunity,”
“plan,” project,” “possible,” “potential,” “project,” “predict,”
“scales,” “representative of,” “valuation,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result,” and
similar expressions, but the absence of these words does not mean
that a statement is not forward-looking. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the risk that changes in the competitive and highly
regulated industries in which FOXO operates, variations in
operating performance across competitors, changes in laws and
regulations affecting FOXO’s business, and changes in the combined
capital structure, (ii) the ability to implement FOXO’s business
plans, forecasts, and other expectations, (iii) potential inability
of FOXO to establish or maintain relationships required to advance
its goals or to achieve its commercialization and development
plans, (iv) the enforceability of FOXO’s intellectual property,
including its patents and the potential infringement on the
intellectual property rights of others, and (v) the risk of
downturns and a changing regulatory landscape in the highly
competitive biotechnology industry or in the markets or industries
in which FOXO’s prospective customers operate, including the highly
regulated insurance industry. The foregoing list of factors is not
exhaustive. Readers should carefully consider the foregoing factors
and the other risks and uncertainties described in the “Risk
Factors” section included in the Current Report on Form 8-K filed
with the SEC on September 21, 2022, including those set forth under
“Risk Factors” therein, and other documents filed or to be filed by
FOXO from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and FOXO assumes no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20221115006313/en/
Contacts / Investor Relations Cody Slach, Matthew Hausch
Gateway Investor Relations (949) 574-3860 FOXO@gatewayir.com
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