Crdentia Announces Plan to Take Company Private
27 Junho 2008 - 6:00PM
PR Newswire (US)
Reverse Split Expected; Fractional Shares to be Purchased at $0.30
per share DALLAS, June 27 /PRNewswire-FirstCall/ -- Crdentia Corp.
(OTC:CRDT) (BULLETIN BOARD: CRDT) , a leading U.S. provider of
healthcare staffing services, today announced its plan to
immediately begin the process to take the Company private. This
plan furthers the Company's goals of maximizing shareholder value
and realizing substantial cost savings while accelerating the
attainment of profitability and positive cash flow. As part of the
plan announced today, Crdentia's board of directors has approved a
1,000-to-1 reverse split of the company's common shares. Any
fractional shares remaining after the reverse split is effective
will be paid out in cash at the valuation of the most recent equity
financing, $0.30 per share on a pre-split basis, or $300 per share
on a post-split basis. It is expected that the Company will have
approximately 150 shareholders after the reverse split becomes
effective, which will allow it to become a non-reporting company.
In order to complete the reverse split, a preliminary proxy or
information statement is expected to be filed with the Securities
and Exchange Commission in the upcoming days. Once a final proxy or
information statement has been mailed to shareholders, after the
requisite time period from the mailing date, the reverse split will
be declared effective. Following the reverse split, a Form 15 is
expected to be filed with the SEC, which will result in the Company
becoming a non-reporting corporation. The Company intends to take
any further steps necessary to take the Company private. The annual
cost savings expected to be captured from going private is
significant, accelerating attainment of positive earnings before
interest, taxes, depreciation and amortization (EBITDA) and
positive cash flow. The board of directors believes that this
allows the company to maximize shareholder value based on the
substantial savings from being a private company versus the cost of
being a public company. This transaction is expected to have no
effect on Crdentia's field operations, which includes 19 offices
located throughout Arizona, Texas, Alabama, Florida, Georgia and
North Carolina. Commenting on the announcement, John Kaiser,
Crdentia's CEO and member of the Company's board of directors,
said, "After an extensive review by the board of directors, I am
pleased to announce that we will be taking Crdentia private, and I
believe this transaction is in the best interest of our
shareholders. We look forward to continuing to provide excellent
service to our valued customer base throughout the Sun Belt region
while we execute our business plan." Subject to obtaining the
required regulatory approvals, Crdentia expects the transaction to
be completed by August of 2008. About Crdentia Corp. Crdentia
Corp., one of the nation's leading providers of healthcare staffing
solutions, is focused on recruiting talented national and
international healthcare professionals to meet the ever-increasing
employment needs of over 2,300 clients. Crdentia is one of the few
companies that can provide quality temporary staff for all
healthcare industry positions including local nurses, travel
nurses, allied health, locum tenens and home care professionals.
For more information, visit http://www.crdentia.com/. Forward
Looking Statements Statements contained in this release that are
not historical facts are forward-looking statements that involve
risks and uncertainties. Among the important factors which could
cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, those
discussed in "Risk Factors" in the Company's Forms 10-K, Forms
10-Q, and other filings with the Securities and Exchange
Commission. Such risk factors include, but are not limited to, a
limited operating history with no earnings; reliance on the
Company's management team; the ability to successfully implement
the Company's business plan; the ability to continue as a going
concern; the ability to fund the Company's business and acquisition
strategy; the growth of the temporary healthcare professional
staffing business; difficulty in managing operations of acquired
businesses; uncertainty in government regulation of the healthcare
industry; and limited trading in the public market for the
Company's common stock. The actual results that the Company
achieves may differ materially from any forward-looking statements
due to such risks and uncertainties. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason. Contact Crdentia Corp. John Kaiser, CEO Phone: 972.850.0780
Fax: 972.392.2722 Jim TerBeest, CFO Phone: 972.850.0780 Fax:
972.392.2722 DATASOURCE: Crdentia Corp. CONTACT: John Kaiser, CEO,
+1-972-850-0780, fax, +1-972-392-2722, , or Jim TerBeest, CFO,
+1-972-850-0780, fax, +1-972-392-2722, , both of Crdentia Corp. Web
site: http://www.crdentia.com/
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