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Arcadia Resources Announces Sale of Non-Strategic Businesses
Date:5/19/2009

-- Home Health Equipment business sold in two separate transactions

-- Industrial staffing business sold

-- Results in debt reduction, additional working capital to fund DailyMed(TM) growth

INDIANAPOLIS, May 19 /PRNewswire-FirstCall/ -- Arcadia Resources, Inc. (NYSE Amex: KAD), a leading provider of home care, medical staffing, and pharmacy services under the Arcadia HealthCare(SM) brand, today announced the sale of two non-strategic businesses. Arcadia sold its Home Health Equipment (HHE) business and industrial staffing business in three separate transactions, and is now focused on two divisions: Arcadia Home Care/Medical Staffing and DailyMed pharmacy services. The HHE transactions have been closed, and a definitive agreement has been signed for the sale of the industrial staffing business, which will close on May 29, 2009.

Arcadia said total cash proceeds from the HHE and industrial staffing sales are expected to be approximately $11.2 million, including approximately $2.0 million in retained accounts receivable. Of this total, $1.5 million will be paid to the Company over the next 12 months. The Company can receive an additional $1.6 million based upon the future performance of the industrial staffing business.

The Company said it expects to generate $8.8 million in cash net of certain obligations and will use $5.9 million to reduce its debt by approximately 15 percent. Arcadia said it will use the remaining $3.3 million from the sales, along with $3 million in new debt raised in March 2009, to support its rapidly growing DailyMed business.

"We set this strategic plan in motion last year to exit these non-core segments, and we now have a more streamlined business model and additional resources to invest in our high-growth DailyMed product and our core A
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SOURCE Arcadia Resources, Inc.
Copyright©2009 PR Newswire.
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