Arcadia Resources Announces Receipt of NYSE Amex Notice of Non-Compliance with Continued Listing Standards
19 Julho 2011 - 6:06PM
Business Wire
Arcadia Resources, Inc. (NYSE Amex: KAD), a leading provider of
innovative consumer health care services under the Arcadia
HealthCare℠ brand, today announced that the Company has received
notice from the NYSE Amex dated July 15, 2011 indicating that the
Company is below certain of the Exchange’s continued listing
standards due to the Company not being in compliance with Sections
1003(a) of the Company Guide. The Exchange Staff indicated that its
review of the Company’s Form 10-K for the fiscal year ended March
31, 2011, indicates that the Company does not meet the provisions
of Section 1003(a)(i), (ii) or (iii) related to stockholders’
equity and losses from continuing operations and further that the
Company no longer satisfies the alternative listing standards in
Section 1003(a). The Company was afforded the opportunity to submit
a plan of compliance to the Exchange by August 14, 2011, that
demonstrates the Company’s ability to regain compliance with
Section 1003(a)(i), (ii) and (iii) of the Company Guide by January
15, 2013. If the Company does not submit a plan of compliance, or
if the plan is not accepted by the Exchange, the Company will be
subject to delisting procedures as set forth in Section 1010 and
part 12 of the Company Guide.
As previously announced, the Company has also been advised by
NYSE Amex, by letter dated April 4, 2011, that because the
Company’s average closing price of its common stock was less than
$0.20 per share over a consecutive 30-day trading period, the
Company was not in compliance with Section 1003(f)(v) of the NYSE
Amex Company Guide. NYSE Amex advised that it deems it appropriate
for the Company to effect a reverse stock split to remain in
compliance with its continued listing standards and has given the
Company until October 4, 2011 to effect such a split.
The Company is evaluating its options with respect to the NYSE
Amex notifications. The Company is evaluating whether to submit a
plan to address its failure to comply with Section 1003(a). The
Company also continues to monitor the trading price of its common
stock and is considering its options to comply with Section
1003(f)(v). While the notifications from NYSE Amex does not affect
the current listing of the Company’s common stock, the Company’s
failure to effect a reverse stock split by October 4, 2011, or its
failure to submit a plan of compliance with Section 1003(a) by
August 14, 2011, or the failure of the NYSE Amex to accept any plan
of compliance submitted, are likely to result in the Company no
longer being listed on the NYSE Amex. In such event, the Company
will consider other alternatives for trading of the Company’s
securities, including the possibility of trading in the over the
counter (OTC) market.
About Arcadia HealthCare
Arcadia HealthCare is a service mark of Arcadia Resources, Inc.
(NYSE Amex: KAD), and is a leading provider of home care, medical
staffing and pharmacy services under its proprietary DailyMed
program. The Company, headquartered in Indianapolis, Indiana, has
65 locations in 18 states. Arcadia HealthCare's comprehensive
solutions and business strategies support the Company's vision of
"Keeping People at Home and Healthier Longer."
DailyMed™ Pharmacy dispenses a monthly cycle of a patient’s
prescriptions, over-the-counter medications and vitamins, and
organizes them into pre-sorted packets clearly marked with the date
and time the medications should be taken. In the dispensing
process, a DailyMed pharmacist reviews each patient’s medication
profile and utilizes state-of-the-art medication therapy management
tools in order to improve the safety and efficacy of the
medications being dispensed. A DailyMed pharmacist provides routine
communication with the patient, the primary care physician,
caregivers and payers in order to maximize the pharmaceutical care
administered. The DailyMed program improves patient care and drug
utilization while reducing drug and hospitalization costs for
private and government payers.
Forward Looking Statements
Any statements contained in this release that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21A of
the Securities Exchange Act of 1934, as amended and otherwise
within the meaning of court opinions construing such
forward-looking statements. The Company claims all safe harbor and
other legal protections provided to it by law for all of its
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve known and unknown
risks, estimates, uncertainties and other factors, which could
cause actual financial or operating results, performances or
achievements expressed or implied by such forward-looking
statements not to occur or be realized, including our estimates of
consumer demand for our services and products, required capital
investment, competition, and other factors. Actual events and
results may differ materially from those expressed, implied or
forecasted in forward-looking statements due to a number of
factors. Important factors that could cause actual results,
developments and business decisions to differ materially from
forward-looking statements are described in the Company's filings
with the Securities and Exchange Commission from time to time,
including the section entitled "Risk Factors" and elsewhere in the
Company's most recent Annual Report on Form 10-K and subsequent
periodic reports. Among the factors that could cause future results
to differ materially from those provided in our press release are:
(i) we cannot be certain or our ability to generate sufficient cash
flow to meet our obligations on a timely basis; (ii) we may be
required to make significant business investments that do not
produce offsetting increases in revenue; (iii) we may be unable to
execute and implement our growth strategy; (iv) we may be unable to
achieve our targeted performance goals for our business segments;
and (v) other unforeseen events may impact our business. The
forward-looking statements speak only as of the date hereof. The
Company disclaims any obligation to update or alter its
forward-looking statements, except as may be required by law.
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