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“Arcadia is a strong player in America's most consistently growing industries: temporary staffing and home health care.” |
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CRITICAL HOME CARE BECOMES ARCADIA RESOURCES, INC.
New name reflects expanded lines of business & strategic focus
Southfield, Michigan - November 16, 2004 - Critical Home Care, Inc., (AMEX: CCLH.OB), today announced it has updated its corporate identity to reflect the company's expanded lines of business and broadened strategic focus.
Effective today, the company's new name is Arcadia Resources, Inc. Its new stock
symbol at the AMEX: KAD. Stock certificates currently held by shareholders will remain valid and will not be replaced at this time.
Arcadia Resources, Inc., is the product of the May 2004 "reverse merger" of Critical Home Care, Inc., (CCLH.OB) and RKDA, the parent company of Arcadia Services, Inc., and Arcadia RX, LLC.
Prior to the merger, Critical Home Care was a durable medical equipment company with fiscal year 2003 revenues of approximately $5 million; Arcadia Services was a national provider of staffing and home care services with 2003 revenues of more than $75 million; and Arcadia Rx was a mail order pharmacy with calendar year 2003 revenues of approximately $3 million.
Headquartered in Southfield, Michigan, Arcadia Resources's core businesses are personal and skilled home care, medical and non-medical staffing, mail order pharmacy and medical equipment.
John E. Elliott II, chairman and CEO of Arcadia Resources, Inc., said the revamped corporate identity is designed to create brand awareness of a company that enables individuals to manage illness and injury in the comfort of their own homes, and helps businesses operate more effectively and with greater flexibility.
Elliott said: "Arcadia Resources is solidly positioned to provide high-quality, cost-effective solutions for many economic and demographic challenges, including:
- The aging of the "baby boomer" generation will lead to an increased need for home care services, home-delivered medicine and durable medical equipment.
- The need for temporary employees will increase sharply as the globalization of the American economy mandates more flexible management of staffing levels.
- Businesses and government will intensify the search for ways to reduce healthcare costs without diminishing quality care. Studies show that recovering at home from illness and injury costs far less than in a facility."
According to Elliott, approximately 90 percent of all American businesses use temporary staffing services. On any given business day, Arcadia Resources has approximately 4,000 temporary workers employed in 75 markets across the country.
The worsening nursing shortage has caused the use of staffing agency nurses to grow 46 percent since 1997, compared to only seven percent in hospital nurse hiring.
We expect "these industry sectors, as well as mail order prescriptions and durable medical equipment, to continue double-digit growth regardless of the economic climate. Arcadia Resources expects to leverage that growth by positioning itself as a one-stop source of caregivers, medicine and equipment for in-home recovery, as well as the preferred source of hassle-free temporary staffing for medical facilities and other businesses," Elliott said.
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