The Joint Corp. (NASDAQ: JYNT) signed an asset purchase agreement on April 20 to sell 45 corporate-managed chiropractic clinics in Southern California to Elite Chiro Group for approximately $2.3 million, according to a company statement.

Elite Chiro Group assumed business operations of 32 clinics on April 27 through a management service agreement until lease assignments are completed. The group will assume ownership of the remaining 13 corporate-managed clinics.

The transaction will reduce The Joint Corp.'s corporate-managed clinics to three out of 960 locations in its total clinic portfolio, when combined with two previously announced refranchising agreements pending closing. Elite Chiro Group is owned by Gadi Emein and operated by Michael Aminpour.

"This transaction is a key component of our next phase of growth under The Joint 2.0 and a defining step in our shift to a capital‑light, pure‑play franchisor model," said Sanjiv Razdan, president and chief executive officer of The Joint Corp.

The company operates as a franchisor of chiropractic clinics and continues efforts to refranchise its three remaining corporate-owned or managed clinics. The Joint Corp. is headquartered in Scottsdale, Arizona.

The information is based on a press release from The Joint Corp.