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Arcadia Resources Acquires Wellscripts Pharmacy in Florida and Adds $5.5 Million in Sales
SOUTHFIELD, MI: July 10, 2006:Arcadia Resources, Inc. (AMEX: KAD), a national provider of in-home health care products and services, staffing, respiratory and durable medical equipment, online storefronts, and a developer of walk-in clinics within retail superstores, announced today it has acquired Wellscripts LLC, doing business as Wellscripts Pharmacy, located in Hollywood, Florida. Wellscripts Pharmacy provides prescription medications to assisted living facilities throughout southern Florida. In 2005, the pharmacy generated approximately $5.5 million in annual revenues.
Michael Verbitsky, owner of Wellscripts Pharmacy, will continue as the director of the pharmacy, ensuring its customers are provided a seamless transition under Arcadia’s ownership. Mr. Verbitsky commented, “We are impressed with Arcadia’s management team and business strategy. With this acquisition, we join Arcadia’s commitment to enhance the quality of long-term patient care, through greater accessibility to multiple products and services and innovative delivery channels.”
“The addition of the Wellscripts Pharmacy business provides a strategic platform to serve a greater number of patients in the home and those placed in assisted living and long-term care facilities,” said Chairman and CEO of Arcadia John E. Elliott II. “We are also very pleased to have Michael join our team. As an entrepreneur with demonstrated success in the pharmaceutical industry, Michael has established strong relationships with his customers and assisted living facilities, which will add an important sales channel to grow our pharmacy business, as well as the opportunity to expand our staffing business within the desirable south Florida marketplace.”
About Arcadia Resources, Inc.
Arcadia Resources, Inc. is a leading national provider of home care and staffing services, respiratory and durable medical equipment. Arcadia’s operations include home health care services; non-medical and medical staffing, including travel nursing; provision of respiratory and durable medical equipment to patients in the home; and a mail-order catalog of home health care-oriented products and is working toward establishing walk-in clinics in supercenter-type retail stores. The Company'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.
For investor inquiries, contact Geoffrey Eiten, Investor Relations, National Financial Network, 781-444-6100 x613, geiten@nationalfc.com. See also http://www.nfnonline.com/acdi.
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.
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