NEW YORK--(BUSINESS WIRE)--April 1, 2004--New York Health Care, Inc. (Nasdaq:BBAL) today announced the final results of the investigation conducted by the Company's special counsel, Blank Rome LLP in New York, which confirmed the preliminary findings that there was no evidence that any current officer, director or employee of the Company or its BioBalance subsidiary knew of or participated in the alleged activity to manipulate New York Health Care stock. This investigation concluded that the Company properly responded to the indictment based upon the information available to the Company at the time.
This investigation was instituted voluntarily by the Company in response to the indictment by the United States Attorney's Office against a former director/officer of the Company and a former consultant of its BioBalance subsidiary alleging that they sought to manipulate the Company's stock. The indictment did not allege any actual manipulation of New York Health Care stock.
Jerry Braun, President and CEO of New York Health Care, commented, "We are pleased that this extensive investigation is completed so that we can put this issue behind us." He added, "We expect to shortly receive the determination of the Nasdaq Listing Qualifications Panel regarding the continued listing of our common stock on Nasdaq SmallCap Market."
About New York Health Care
New York Health Care is a licensed home health care agency engaged primarily in supplying the services of paraprofessionals who provide a broad range of health care support services to patients in their homes. The Company also owns BioBalance Corporation, a specialty pharmaceutical company focused on the development of proprietary treatments for gastrointestinal disorders that are poorly addressed by current therapies.
SAFE HARBOR STATEMENT In addition to historical information, certain of the statements in the preceding paragraphs, particularly those anticipating future events, financial performance, business prospects and growth and operating strategies constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as anticipate, believe, estimate, expect, intend, predict, hope or similar expressions. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation, satisfaction of approvals and conditions applicable to the transaction described above, the company's ability to implement its strategies and achieve its objectives and the risks and uncertainties described in reports filed by the company with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including without limitation, cautionary statements made in New York Health Care's 2002 Annual Report on Form 10-K, its Form S-4 Registration Statement, its latest quarterly report on Form 10-Q and current reports on Form 8-K.
Contacts
New York Health Care Jerry Braun or Jacob Rosenberg, 718-375-6700 or
Investor Relations Counsel: The Equity Group Inc. Linda Latman, 212-836-9609