PEABODY, Mass., Oct. 20 /PRNewswire-FirstCall/ -- PHC, Inc., d.b.a. Pioneer Behavioral Health (BULLETIN BOARD: PIHC) , a leading provider of inpatient and outpatient behavioral health services and pharmaceutical research, today announced it has secured an expanded line of credit, secured with its accounts receivables, totaling $3.5 million. The line of credit is provided by CapitalSource Finance LLC, and replaces Pioneer’s former bank.
Bruce A. Shear, Pioneer Behavioral Health’s President and Chief Executive Officer, commented, “This new, expanded line of credit will provide the additional working capital to allow us to achieve our previously announced revenue growth strategy, including the recently announced expansion of our subsidiary, Detroit Behavioral Institute, Inc. at the Detroit Medical Center. As a specialty lender with a focus on healthcare, CapitalSource Finance is a proven partner in debt and equity financings, and we look forward to a mutually productive relationship going forward.”
About CapitalSource
CapitalSource is a specialized commercial finance company offering asset-based, senior, cash flow and mezzanine financing to small and mid-sized borrowers through three focused lending groups: Corporate Finance, Healthcare Finance and Structured Finance. By offering a broad array of financial products, CapitalSource had outstanding more than $4.7 billion in loan commitments as of June 30, 2004. For more information visit http://www.capitalsource.com/.
About Pioneer Behavioral Health
Pioneer Behavioral Health operates companies that provide inpatient and outpatient behavioral health care services, clinical research and Internet- and telephonic-based referral services. The companies contract with national insurance companies, government payors, and major transportation and gaming companies, among others, to provide such services. For more information, please visit http://www.phc-inc.com/ or http://www.haydenir.com/.
Statement under the Private Securities Litigation Reform Act of 1995: This press release may include “forward-looking statements” that are subject to risks and uncertainties. Forward-looking statements include information about possible or assumed future results of the operations or the performance of the company and its future plans and objectives. Various future events or factors may cause the actual results to vary materially from those expressed in any forward-looking statements made in this press release. For a discussion of these factors and risks, see the company’s annual report on Form 10-KSB for the most recently ended fiscal year.
Company Contact: PHC, Inc. Bruce A. Shear 978-536-2777 Investor Relations Contact: Hayden Communications, Inc. Matthew Hayden 843-272-4653
Pioneer Behavioral Health
CONTACT: Bruce A. Shear of PHC, Inc., +1-978-536-2777; or InvestorRelations, Matthew Hayden of Hayden Communications, Inc., +1-843-272-4653, forPHC, Inc.
Web site: http://www.capitalsource.com/
Web site: http://www.haydenir.com/
Web site: http://www.phc-inc.com/