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8-K - FORM 8-K - ARCADIA RESOURCES, INC | c20069e8vk.htm |
Exhibit 99.1
NEWS RELEASE |
Arcadia Resources Announces Receipt of NYSE Amex
Notice of Non-Compliance with Continued Listing Standards
Notice of Non-Compliance with Continued Listing Standards
INDIANAPOLIS, IN July 19, 2011 Arcadia Resources, Inc. (NYSE Amex: KAD), a leading provider
of innovative consumer health care services under the Arcadia HealthCareSM brand, today announced
that the Company has received notice from the NYSE Amex dated July 15, 2011 indicating that the
Company is below certain of the Exchanges continued listing standards due to the Company not being
in compliance with Sections 1003(a) of the Company Guide. The Exchange Staff indicated that its
review of the Companys Form 10-K for the fiscal year ended March 31, 2011, indicates that the
Company does not meet the provisions of Section 1003(a)(i), (ii) or (iii) related to stockholders
equity and losses from continuing operations and further that the Company no longer satisfies the
alternative listing standards in Section 1003(a). The Company was afforded the opportunity to
submit a plan of compliance to the Exchange by August 14, 2011, that demonstrates the Companys
ability to regain compliance with Section 1003(a)(i), (ii) and (iii) of the Company Guide by
January 15, 2013. If the Company does not submit a plan of compliance, or if the plan is not
accepted by the Exchange, the Company will be subject to delisting procedures as set forth in
Section 1010 and part 12 of the Company Guide.
As previously announced, the Company has also been advised by NYSE Amex, by letter dated April 4,
2011, that because the Companys average closing price of its common stock was less than $0.20 per
share over a consecutive 30-day trading period, the Company was not in compliance with Section
1003(f)(v) of the NYSE Amex Company Guide. NYSE Amex advised that it deems it appropriate for the
Company to effect a reverse stock split to remain in compliance with its continued listing
standards and has given the Company until October 4, 2011 to effect such a split.
The Company is evaluating its options with respect to the NYSE Amex notifications. The Company is
evaluating whether to submit a plan to address its failure to comply with Section 1003(a). The
Company also continues to monitor the trading price of its common stock and is considering its
options to comply with Section 1003(f)(v). While the notifications from NYSE Amex does not affect
the current listing of the Companys common stock, the Companys failure to effect a reverse stock
split by October 4, 2011, or its failure to submit a plan of compliance with Section 1003(a) by
August 14, 2011, or the failure of the NYSE Amex to accept any plan of compliance submitted, are
likely to result in the Company no longer being listed on the NYSE Amex. In such event, the
Company will consider other alternatives for trading of the Companys securities, including the
possibility of trading in the over the counter (OTC) market.
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. The Company, headquartered in Indianapolis, Indiana, has 65 locations in 18 states.
Arcadia HealthCares comprehensive solutions and business strategies support the Companys vision
of Keeping People at Home and Healthier Longer.
DailyMed Pharmacy dispenses a monthly cycle of a patients 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 patients 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 payers 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 payers.
Forward Looking Statements
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 Companys filings with the
Securities and Exchange Commission from time to time, including the section entitled Risk Factors
and elsewhere in the Companys 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.
Contact:
Matthew Middendorf
Chief Financial Officer
mmiddendorf@arcadiahealthcare.com
317.569.8234
Matthew Middendorf
Chief Financial Officer
mmiddendorf@arcadiahealthcare.com
317.569.8234