FOXO Technologies Announces Management Changes and Delays Form 10-Q Filing

MINNEAPOLIS–(BUSINESS WIRE)–FOXO Technologies Inc. (NYSEAM: FOXO), a technology platform company whose products and services aim to address longstanding core problems in the life insurance industry through epigenetic longevity research, announced today that Jon Sabes has been fired as the company’s chief executive officer and chairman of the board . The board has appointed Tyler Danielson, the company’s chief technology officer, 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 Company’s and its predecessor’s Chief Technology Officer since 2020. From 2019 to 2020, Mr. Danielson was Product Owner of the DXO Platform at one of the largest global grocery retailers. Prior to that, Mr. Danielson worked as a User Interface Software Architect at a large financial services company from 2015 to 2019. Mr. Danielson holds a master’s degree in computer science from the University of Minnesota and a bachelor’s degree from Luther College.

“I am honored by this appointment and want 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 look forward to continuing to advance our goal of making healthy longevity fundamental to the insurance industry.

Mr. Barnes has served as a director since September 13, 2022, the date on which the company (formerly known as Delwinds Insurance Acquisition Corp.) completed 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 of Directors will meet 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 has resigned as Chief Operating Officer effective November 14, 2022.

In addition, FOXO announces that it will file with the SEC an extension 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 the science of longevity through products and services for 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 the consumer life insurance value proposition with the FOXO Longevity Report™. For more information about FOXO, visit www.foxotechnologies.com. For more information on FOXO LIFE, visit www.foxolife.com. For investor information and updates, please visit https://foxotechnologies.com/investors/.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained herein that are not statements of historical fact, including statements regarding future operating results and financial condition, proposed products and services, business strategy and plans, management’s objectives for future operations of FOXO, market size and growth opportunities, competitive position, and technology and market trends are forward-looking statements. Such forward-looking statements include, among other things, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies relating to FOXO and the future of FOXO’s management teams, future financial condition and performance of FOXO and its products and markets and anticipated future performance and Market Opportunities of FOXO. These forward-looking statements are generally identified by the words “anticipate,” “believe,” “may,” “expect,” “estimate,” “future,” “intend,” “strategy,” “may,” “could,” ” Strategy”, “Opportunity”, “Plan”, “Project”, “Possible”, “Potential”, “Project”, “Forecast”, “Scales”, “Representative For”, “Assessment”, “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, forecasts and other statements about future events that are based on current expectations and assumptions and are therefore subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including but not limited to: (i) the risk of changes in the highly competitive and highly regulated industries in which FOXO operates, fluctuations in of operating performance among 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) the potential inability of FOXO to establish or maintain the relationships necessary to advance its objectives or achieve its commercialization and development plans, (iv) the enforceability of FOXO’s intellectual property, including its patents and the potential infringement of the intellectual property rights of others, and (v) the risk v on downturns and a changing regulatory landscape in the highly competitive biotechnology industry or in the markets or industries in which FOXO has prospective customers operating, including the highly regulated insurance industry. The foregoing list of factors is not exhaustive. Readers should carefully review the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section included in the most recent report on Form 8-K filed with the SEC on September 21, 2022, including those listed under “Risk Factors”. therein and other documents filed or to be filed by FOXO with the SEC from time to time. 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 place undue reliance on any forward-looking statements, and FOXO undertakes no obligation and does 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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