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Arcadia Completes New Financing; Previews Fourth Quarter Results
Date:3/27/2009

rate of 10% per annum, and quarterly interest payments may be made in cash or additional promissory notes, at the Company's election.

"We are pleased that two of our major shareholders and lenders have shown continued confidence in Arcadia's future by agreeing to extend new debt and restructure existing debt in a very difficult credit environment," said Marvin R. Richardson, President and Chief Executive Officer. "In addition to providing additional capital to fund our growth, the extension of the debt maturities provides us with the horizon and financial flexibility we need to execute on our strategic plan."

Richardson added: "Key components of the plan include focusing our business model, selling non-core business units, and using the proceeds to pay down debt and further improve our balance sheet. We are well underway on this effort, and are in the advanced stages of negotiation and due diligence with various parties with the hopes of completing several asset sales over the course of the next 120 days."

Arcadia reported that terms of the new promissory notes provide that the first $2 million in net proceeds from asset sales will be retained by the Company, with additional net proceeds apportioned between the debt holders and Arcadia.

In connection with the debt restructuring, the debt holders also agreed to exchange, exercise and cancel outstanding warrants held by them. In consideration of the debt exchange and new financing arrangements, the Company agreed to issue new shares of common stock.

The Company also announced that all of the warrants issued in connection with its May 2007 private equity placement have been exchanged for common stock as part of the debt restructuring. Each of the holders of these warrants will exchange one warrant for one share of newly issued common stock. A total of 2,754,726 shares of new common stock will be issued in connection with t
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SOURCE Arcadia Resources, Inc.
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