VOL. 42 | NO. 32 | Friday, August 10, 2018
Tivity Health reports strong second quarter
Franklin-based Tivity Health, Inc., provider of fitness and health improvement programs, has announced financial results for the second quarter ending June 30, including an increase in revenue year to year.
Revenues increased by 9.3 percent to $151.9 million compared to revenues of $138.9 million for the second quarter of 2017.
“We are pleased with our second-quarter financial results, which were driven by strong performance in our SilverSneakers business,” says Donato Tramuto, Tivity’s chief executive officer. “As expected, our SilverSneakers visits rebounded during the second quarter, reaffirming our belief that the reduction in visits during the first quarter was due in large part to the severe flu season and adverse weather.
“Our focus on increasing enrollment and participation of our SilverSneakers members is yielding early results and affirms our confidence in being able to reach our goal of 5 million enrolled SilverSneakers members by the end of 2020.
“Additionally, our new relationship announced today with AARP will continue to drive new growth in our Prime Fitness business by focusing on an underserved segment of the age 50-plus population.”
Income from continuing operations increased by 31.6 percent to $22.7 million, compared to $17.2 million for the second quarter of 2017.
Adjusted income from continuing operations increased by 32.3 percent to $22.8 million, compared to $17.2 million for the second quarter of 2017.
AtWork Group franchise expands
AtWork Group, a national staffing franchise company, is opening a new office to serve David and Williamson counties.
“We are excited to see AtWork continue to expand in our home state of Tennessee,” says Jason Leverant, president and COO of AtWork Group. “The Nashville metro is one of the best temporary staffing markets in the country, and we’re eager to bring our best-in-industry service to Brentwood.’’
The new franchise is located at 320 Seven Springs Way, Suite 250 in Brentwood. It will provide staffing assistance to the clerical, light industrial, and automotive industries, facilitating temporary, temp-to-hire, and full-time placements.
Gibson’s disclosure statement approved
Gibson Brands Inc., headquartered in Nashville, has announced that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has approved the company’s disclosure statement.
The approval is a significant step in Gibson’s process for emergence from Chapter 11 and allows the company to begin the process of soliciting votes on the plan of reorganization and ultimately to seek an order confirming the plan.
The plan received the support of the creditors’ committee, which recommended that all general unsecured creditors vote in favor of the plan.
The plan materials and ballots were expected to be mailed during the week of August 6. The deadline for returning completed ballots will be September 14.
“We are extremely pleased by the Court’s approval of our disclosure statement, which is a key step toward the company’s successful emergence from Chapter 11,” says Henry Juszkiewicz, chief executive officer of Gibson Brands.
“Our employees have worked very hard to help us stay on track to emerge from Chapter 11 as planned, and we are grateful for the continuing support from our creditors, partners and vendors.”
Companies plan medicinal hemp business
Acadia Diversified Holdings, Inc., a cannabis company, and Eufloria Medical of Tennessee, have announced they have an option to buy a 14-acre farm with 32,000 square feet of indoor grow area in southern Tennessee.
Eufloria is focused on the growing and distribution of new and proprietary medicinal hemp products for patients. The company says it will purchase the farm upon favorable terms and intends to exercise as soon as possible.
“We are pleased, for our shareholders, having the companies’ first vertically integrated hemp operation in the state of Tennessee, allowing for improved efficiencies through growing, processing and manufacturing our own product line and building sales through dedicated distributors,” says Richard K. Pertile, Acacia’s chief executive officer.
Pertile, who has been overseeing the company since 2016, adds, “We are very excited to grow our own plant material, process that plant material through another wholly owned subsidiary, MariJ, and manufacture consumer products with the ‘EUFLORIA’ branding for the dedicated distribution channels.
Nashville firm announces tokenized asset fund
TNCoin LLC, a Nashville-based investment fund, has announced the creation of one of the country’s first real estate tokenized asset funds.
TNCoin will use the Stellar, a blockchain platform, consensus protocol to distribute tokenized shares to investors, which allows for the portability and exchange of cryptocurrencies.
“TNCoin is a move in the positive direction for cryptocurrencies by providing more stable, securitized options,” says Luis del Mazo, Jr., fund manager, CIPS.
TNCoin is seeking to raise between $5 and $50 million from accredited and foreign investors in phase 1 of funding.
“Although initially, this offering is only for accredited investors in the U.S., in the future, we would like to offer a Regulation A plus to open up to all levels of investors,” del Mazo says.
TNCoin is considering as its first acquisition a multifamily housing facility located at 1601 Herman St. in Nashville, which is 100 percent occupied.
Vanderbilt Bone & Joint expands Franklin operations
Vanderbilt Bone and Joint Franklin has expanded its staff with 20 new providers and added pediatric services.
The clinic, located at 206 Bedford Way, has also extended its after-hours clinic, which will now be open without an appointment 8 a.m.-8 p.m. Monday-Friday and 8 a.m.-noon on Saturdays.
Gregory Mencio, MD, leads the clinic’s new pediatric orthopaedics division.
Vanderbilt Bone and Joint Franklin also is adding the Hip Preservation Clinic. It offers patients a unique care model in which pediatric and adult reconstructive surgeons collaborate to avoid or delay a total hip replacement.
SEC chairman to address 36|86 event
U.S. Securities and Exchange Commission Chairman Jay Clayton will deliver a keynote at 36|86 Entrepreneurship Festival in Nashville Aug. 25-26.
Launch Tennessee, a public-private partnership that fosters entrepreneurship across the state, announced Clayton is expected to speak about the SEC’s efforts to facilitate capital formation and serve the long-term interests of investors.
The Festival is the South’s largest gathering of entrepreneurs, investors and innovation ecosystem builders.
Clayton will also participate in a fireside chat with William Hinman, director of the Division of Corporation Finance of the SEC, that will be moderated by Tennessee Governor Bill Haslam.
“We are grateful to have Chairman Clayton and Mr. Hinman join us on stage at 36|86 to discuss initiatives important to entrepreneurs and investors,” says Charlie Brock, CEO of Launch Tennessee. “Our festival is designed to give any attendee – whether a young startup or seasoned investor – the information and connections needed to build a vibrant startup ecosystem in their community.”
LegitScript certifies Foundation Recovery
Brentwood-based Foundations Recovery Network has announced all of its facilities are LegitScript certified.
Foundations Recover works in the field of integrated treatment for substance abuse and co-occurring mental health disorders.
LegitScript’s verification process is a new quality control in the behavioral healthcare industry that determines whether drug and alcohol treatment providers are meeting established standards for legality, safety and transparency.
LegitScript’s Addiction Treatment Certification ensures not only that FRN’s facilities are in compliance with applicable laws and regulations, but also that the call center and all supporting groups within the company meet stringent requirements.
“As an organization, we are committed to serving with integrity, and we’re honored and excited to be part of this important certification for our industry,” says Siobhan Morse, Division Director of Clinical Services for FRN.
“More people are seeking addiction and mental health services than ever before, and helping people find the treatment and resources they need to improve their lives is a big part of how we fulfill our core values at Foundations Recovery Network.”
Goodlettsville gets infrastructure loan
Goodlettsville is set to receive approximately $4.2 million in low-interest loans from the state for wastewater infrastructure improvements.
Goodlettsville will receive $1 million for a city-wide sewer rehabilitation project that is funded with a 20-year, $900,000 loan with an interest rate of 1.90 percent and $100,000 in principal forgiveness that will not have to be repaid.
The city will also receive $3,200,000 for the project, funded by a 20-year loan with an interest rate of 1.90 percent.
The proposed project will consist of conducting a sanitary sewer evaluation survey and rehabilitation of approximately 46,250 linear feet of gravity sewer within the Mansker Creek, Rivergate and Dry Creek Sewer Basins.