BOCA RATON, Fla., April 30, 2018 (GLOBE NEWSWIRE) -- Inspira Financial Inc. (TSXV:LND) ("Inspira"), announced today that CEO David Forstadt has been elected to join the Board of Directors effective immediately. Mr. Forstadt brings with him a successful track record in the addiction treatment industry and inside Inspira.

In conjunction, Edward Brann has informed Inspira that he is stepping down from the Board and Inspira to pursue noncompetitive ventures. “We want to thank Edward for his highly effective efforts and dedication to Inspira,” said Chairman of the Board, Dr. Jaime Gerber. “With his leadership, Inspira has successfully curtailed spending, and has organized the billing division and our cash and loan book assets into distinct divisions whereby a potential transaction can maximize shareholder value. Mr. Brann has agreed to assist on a contractual basis with the completion of the year-end audit.”

“I’m pleased to have Mr. Forstadt join the Board with his extensive experience in the addiction treatment industry and successful leadership of the business to date,” continued Dr. Gerber. “I’m confident over the next few months we will be able to organize this business to drive shareholder value.” While Inspira continues to consider its alternatives, there can be no assurance that a viable transaction will result or successfully conclude in a timely manner, or at all. Additional information will be released by Inspira as it occurs.

About Inspira Financial

The mental health and substance abuse market in the U.S. is a rapidly expanding industry, with current spending exceeding $35 billion. Within this industry, thousands of businesses have annual revenues in the $1 million to $50 million range. Due to the significant increase in addiction treatment as a result of the Parity Act, the large and permanently elevated volumes of claims has led payers to impose upon facilities in the mental health sector similarly complex reimbursement requirements as those imposed in the physical healthcare sector. Substance abuse facilities tend to use several software applications and a non-automated billing company to document services provided and bill insurance companies. This cumbersome process slows down the tracking, billing and collection process as the customer's billings increase, and were not designed to handle the volume, or level of detail, now required by payers for prompt payment. As a result, across the mental health and substance abuse industry there are collection delays and consequently a need for capital.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Inspira, including: TSX Venture Exchange approval of the board changes and Inspira completing a transaction with either of its two divisions, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. There can be no assurances that a transaction will be undertaken or what the terms or timing of such transaction, including an acquisition for the billing or loan divisions, will be acceptable to Inspira or its shareholders. Such statements reflect Inspira's current views and intentions with respect to future events, and current information available to Inspira, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: the TSX Venture Exchange not approving the board changes; identification of partners to complete a transaction; successfully negotiating a definitive agreement with a party to a transaction; the conditions to a transaction being satisfied or waived; applicable board, shareholder, stock exchange, court and regulatory approval of any proposed transaction; changes in law; competition; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; dependence on debt markets and interest rates; demand for the lending products Inspira offers at interest rates higher than at which Inspira can borrow; a novel business model; granting of permits and licenses in a highly regulated business; difficulty integrating newly acquired businesses (including the billing company); new technologies; risk of billing irregularities by borrowers; low profit market segments; general economic, market and business conditions; as well as those risk factors discussed or referred to in Inspira's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect Inspira in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Inspira does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Inspira undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inspira Financial Inc.
David Forstadt
CEO/Director
1 (844) 877-7562
[email protected]
www.inspirafin.com