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Arcadia Resources Closes Major Durable Medical Equipment Acquisition in Southwest Florida–Adds $5.4 Million in Sales
SOUTHFIELD, MI: July 17, 2006: Arcadia Resources, Inc. (AMEX: KAD), a national provider of home care services and products, including respiratory and durable medical equipment (DME), announced today that it has acquired three durable medical equipment locations in Naples, Sarasota and Englewood, all of Florida, from Alliance Oxygen & Medical Equipment (“Alliance”). Alliance provides in-home respiratory services and related equipment, and generates approximately $5.4 million in annualized revenues.
Tim Beach of Alliance stated, “We are very excited to join forces with Arcadia Resources. This partnership will allow us to strengthen our market position throughout the West Coast of Florida and it will allow us to expand our Home Respiratory Services across the state.”
As part of the acquisition, Tim Beach and Stuart Christensen, principals of Alliance, join Arcadia’s management team as Regional Managers. President of Arcadia Larry Kuhnert stated, “We are excited to retain Tim and Stuart as key members of our management team, providing additional expertise as we continue to expand our Florida business.”
Chairman and CEO of Arcadia John E. Elliott II, stated, “Arcadia’s national platform continues to expand with a focus on creating market dominance in the Top 10 ‘Grey Markets,’ defined by a majority population aged 65 years or older. Southwest Florida represents one such core market, and with Alliance’s regional presence and high-quality products and service line, we can continue to capitalize on the $5 Billion U.S. home respiratory equipment market. The Alliance acquisition will assist us in creating a balanced revenue mix focused on higher margin services such as DME, and complements our efforts to create new cross-selling opportunities for the benefit of all our customers.”
About Arcadia Resources, Inc.
Arcadia Resources, Inc. is a national provider of home care services and products, including respiratory and durable medical equipment, non-medical and medical staffing, including travel nursing; a mail-order pharmacy and catalog of healthcare-oriented products, also available for purchase on www.arcadiaresourcesinc.com and other leading retailer websites. Through industry partnerships, the Company is also establishing walk-in routine (non-emergency) medical clinics inside of supercenter-type retail stores. Arcadia’s comprehensive solutions help organizations operate more effectively and with greater flexibility, while enabling individuals to manage illness and injury in the comfort of their own homes or through the convenience of local health care sites. For more information, visit: www.arcadiaresourcesinc.com.
Contact: Krista Finkbeiner of Arcadia Resources, Inc. at 239-434-8884 x 201.
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, if applicable to the Company, 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 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 retail store health clinic services, required capital investment, build-out schedules, competition, and other factors. Actual results may differ materially from those anticipated or implied in the forward-looking statements, which speak only as of the date hereof. Additional information that could materially affect the Company may be found in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any obligation to update or alter its forward-looking statements, except as may be required by law.
