INDIANAPOLIS, June 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 issued the following statement in response to recent volatility in the price of its shares.
Today's decline in Arcadia's share price appears to be related to investor speculation following a Form 4 filing with the Securities and Exchange Commission (SEC) by entities affiliated with Arcadia director, Russell T. (Tres) Lund III. The Form 4 filing was made in response to the sale of 50,000 shares of the Company's stock on the open market on June 17 and 18. The sale of these shares was the result of the pending dissolution of LFHI Rx LLC, an investment partnership which held an ownership interest in Arcadia subsidiary PrairieStone Pharmacy. Arcadia acquired PrairieStone Pharmacy in a stock swap in February, 2007, when LFHI Rx LLC acquired its stake in Arcadia common stock.
With the unwinding of the fund, LFHA Rx LLC's holdings are to be distributed to the fund's investors and 50,000 shares were sold to cover legal and professional fees related to the dissolution.
Tres Lund and the entities that he is affiliated with continue to hold approximately 3.2 million shares of common stock of Arcadia Resources.
"While these shares were sold by an entity with which I am affiliated, the sale was for administrative expenses and does not reflect any personal decision regarding my investment in Arcadia," said Tres Lund. "I remain confident in the future of Arcadia as evidenced by my continued significant investment in the Company, and I look forward to the continued growth and success of Arcadia Resources."
About Arcadia HealthCare
Arcadia HealthCare is a service mark of Arcadia Resources, Inc. (NYSE Amex: KAD), and is a leading provider of home care, medical staffing and pharmacy services under its proprietary DailyMed program.
DailyMed(TM) Pharmacy dispenses a monthly cycle of a patient's prescriptions, over-the-counter medications and vitamins, and organizes them into pre-sorted packets clearly marked with the date and time the medications should be taken. In the dispensing process, a DailyMed pharmacist reviews each patient's medication profile and utilizes state-of-the-art medication therapy management tools in order to improve the safety and efficacy of the medications being dispensed. A DailyMed pharmacist provides routine communication with the patient, the primary care physician, caregivers and payors in order to maximize the pharmaceutical care administered. The DailyMed program improves patient care and drug utilization while reducing drug and hospitalization costs for private and government payors.
The Company, headquartered in Indianapolis, Indiana, has 72 locations in 21 states and currently services over 50,000 homes annually through its 5,000 full and part-time associates. Arcadia HealthCare's comprehensive solutions and business strategies support the Company's vision of "Keeping People at Home and Healthier Longer."
Any statements contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21A of the Securities Exchange Act of 1934, as amended and otherwise within the meaning of court opinions construing such forward-looking statements. The Company claims all safe harbor and other legal protections provided to it by law for all of its forward-looking statements. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, estimates, uncertainties and other factors, which could cause actual financial or operating results, performances or achievements expressed or implied by such forward-looking statements not to occur or be realized, including our estimates of consumer demand for our services and products, required capital investment, competition, and other factors. Actual events and results may differ materially from those expressed, implied or forecasted in forward-looking statements due to a number of factors. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the Company's filings with the Securities and Exchange Commission from time to time, including the section entitled "Risk Factors" and elsewhere in the Company's most recent Annual Report on Form 10-K and subsequent periodic reports. Among the factors that could cause future results to differ materially from those provided in our press release are: (i) we cannot be certain or our ability to generate sufficient cash flow to meet our obligations on a timely basis; (ii) we may be required to make significant business investments that do not produce offsetting increases in revenue; (iii) we may be unable to execute and implement our growth strategy; (iv) we may be unable to achieve our targeted performance goals for our business segments; and (v) other unforeseen events may impact our business. The forward-looking statements speak only as of the date hereof. The Company disclaims any obligation to update or alter its forward-looking statements, except as may be required by law.
|SOURCE Arcadia Resources, Inc.|
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