SOUTHFIELD, Mich.--(BUSINESS WIRE)--Arcadia Resources, Inc. (AMEX:KAD) announced today that it has completed the sale of its Durable Medical Equipment (DME) locations in Florida and Colorado to Aerocare Holdings, Inc. in two separate transactions for total cash proceeds of $7,700,000. In connection with the transactions, Arcadia will retain the accounts receivable relating to services provided at these sites prior to August 16, 2007, totaling approximately $7,000,000. After using part of the proceeds to reduce debt and other obligations by approximately $4,300,000, Arcadia will have approximately $10,000,000 (including the balance of the purchase price and the expected collection of the remaining accounts receivable) to support its on-going operations and further develop its DailyMedTM product offering. Aerocare held back $750,000 for 12 months to secure Arcadia’s obligations.
