SOUTHFIELD, Mich., Oct. 24 /PRNewswire-FirstCall/ -- Arcadia Resources, Inc. , a leading national provider of home care and staffing services, including travel nursing, mail-order pharmacy and durable medical equipment (DME), announced today that Arcadia Health Services of Michigan, Inc. has acquired select private duty home care services assets from Sparrow Development, Inc., a holding company of the Sparrow Health System in Lansing, Michigan. Sparrow Development is an affiliate of Sparrow Health System, a major provider of inpatient, outpatient, and home care services serving the mid-Michigan markets.
Larry Kuhnert, president of Arcadia Resources, stated, “By acquiring Sparrow private duty services’ assets, we not only add value to our existing service offerings, but also can realize significant sales and cost synergies through the integration of these assets under our centralized location in Lansing, MI. We expect this acquisition will be accretive to our earnings beginning in 2005.”
Susan M. Powell, Administrative Director of Sparrow Private Duty Services, stated, “We are excited to be working with the Arcadia team of professionals. For the patients and employees of Sparrow private duty services, we believe Arcadia offers expanded access to a leading, nationwide home health care agency to continue to deliver expert services to our community.”
About Arcadia Resources, Inc.
Arcadia Resources, Inc. 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; a full service mail-order pharmacy; and a mail-order catalog of home health care- oriented products. 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.
Arcadia Resources is the product of the May 2004 merger of Critical Home Care, Inc. and RKDA, the parent company of Arcadia Services, Inc., and Arcadia RX, LLC. Since June 30, 2004, the Company has acquired several successful staffing and home health care businesses in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Massachusetts, Michigan, North Carolina and South Carolina, along with a mail-order catalog business. For more information, visit: http://www.arcadiaresourcesinc.com .
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company’s filings with the Securities and Exchange Commission.
For more information: National Financial Network Geoffrey Eiten, Investor Relations 781-444-6100 x613 geiten@nationalfc.comhttp://www.nfnonline.com/acdi
Arcadia Resources, Inc.
CONTACT: National Financial Network: Geoffrey Eiten, Investor Relations,+1-781-444-6100, x613, geiten@nationalfc.com
Web site: http://www.arcadiaresourcesinc.com///
