CRDENTIA CORP. (CRDT)

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1-1000 reverse split

CRDT - Crdentia Corporation Common Stock

Declaration Date:

-- Ex Date:

9/5/2008 Record Date:

-- Payment Date:

--
Dividend Type:

Reverse Split Dividend Amount:

1-1000 R/S
Notes:

New symbol: CRDO.

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Outstanding
50,023,796

Float
46,317,874

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Crdentia Corp - Securities Registration Statement (S-1)







As filed with the Securities and Exchange Commission on April 22, 2008.




File Number 333-



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



Form S-1



REGISTRATION STATEMENT UNDER

THE SECURITIES ACT OF 1933




--------------------------------------------------------------------------------





CRDENTIA CORP.


(Exact name of issuer as specified in its charter)



Delaware

7361

76-0585701

(State or other jurisdiction

of incorporation or organization)

(Primary Standard Industrial

Classification Code Number)

(I.R.S. Employer

Identification No.)






Crdentia Corp.


5001 LBJ Freeway, Suite 850

Dallas, TX 75244

[phone]

(Address, including zip code, and telephone number, including area code, of registrant’s principal place of business)




--------------------------------------------------------------------------------



James J. TerBeest

Chief Financial Officer

5001 LBJ Freeway, Suite 850

Dallas, TX 75244

[phone]

(Name, address, including zip code, and telephone number, including area code, of registrant’s agent for service)




--------------------------------------------------------------------------------



Copy to:



Steven G. Rowles, Esq.


J. Nathan Jensen, Esq.


Morrison & Foerster LLP

12531 High Bluff Drive, Suite 100

San Diego, CA 92130-2040

[phone]



Approximate date of commencement of proposed sale to the public. From time to time after this Registration Statement becomes effective.




If any of the Securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, check the following box: x



If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: o



If this Form is filed to register additional securities for an offering pursuant to Rule 462(c) under the Securities Act of 1933, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: o



If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act of 1933 registration statement number of the earlier effective registration statement for the same offering: o



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.






Large accelerated filer o

Accelerated filer o

Non-accelerated filer o
(Do not check if smaller reporting company)

Smaller reporting company x









CALCULATION OF REGISTRATION FEE



Title of each class of
Securities to be registered

Amount to be
Registered

Proposed
maximum
offering price
per
share (1)

Proposed
maximum
aggregate
offering
price (1)

Amount of
registration fee


Common stock par value $0.0001 per share (2)

8,000,000

$
0.15

$
1,200,000

$
47.16








(1) Estimated pursuant to Rule 457(c) of the Securities Act of 1933 solely for the purpose of computing the amount of the registration fee, based upon the average of the high and low sale prices of our common stock on April 21, 2008 on the OTC Bulletin Board.


(2) Represents shares of the Registrant’s common stock being registered for resale that have been or may be acquired upon the exercise of warrants issued to the selling stockholders named in the prospectus or a prospectus supplement.







--------------------------------------------------------------------------------





THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SECTION 8(A) MAY DETERMINE.

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Tough Times Ahead for Hospitals
By Debra Wood, RN, contributor

Potential cutbacks to Medicare reimbursement, increasing numbers of uninsured, possible mandates to implement electronic record systems, and the inability to bill for medical errors will conspire to make the coming year more difficult for hospitals, leading to more joint operating agreements, mergers and layoffs, according to industry experts at the Modern Healthcare TrendWatch breakfast at the HIMSS conference in Orlando, Florida.

“When people decide to marry their organizations, obviously they are looking for leverage in the marketplace--how do you get more price to pay for infrastructure we provide day in and day out,” said Steven Sonenreich, CEO of Mount Sinai Medical Center and Miami Heart Institute in Miami Beach, Florida. “Layoffs also are indicative of an industry challenged by a large uninsured population and a working uninsured population.”

Modern Healthcare editor David Burda reported Empire Health Services in Washington State recently laid off 130 full-time people and Middle Tennessee Medical Center in Nashville announced plans to lay off 36 people, 3 percent of its workforce.

Sonenreich called health care a bifurcated system, with organizations in upscale areas, where people are employed and insured, being financially successful, while other facilities, in areas with high numbers of uninsured, struggle to fulfill their missions.

“We all have competing interests,” Sonenreich said. “We want what’s best for our community and that everyone have access to care, regardless of financial situation. But we need to fund this and make sure all hospitals have the ability to do well.”

Rick Schooler, vice president and chief information officer at Orlando Regional Healthcare in Florida, agreed that reimbursement is getting tougher. Consequently, organizations are looking to streamline operations to “get the same job done with fewer resources.”

Calling this an interesting time of challenge, Sonenreich said to be successful, hospitals need to be part of a large system and use that base to spread growing expense, so he predicts more mergers and acquisitions, many of which will be nonprofits acquiring for-profit facilities.

Sonenreich reported his facilities’ commitment to electronic medical records is driven by a desire to improve patient safety. He explained that what many lay people do not understand is that technology does not replace people. It not only requires an investment in hardware and software, but also highly skilled informational technology experts and changes to operational processes. He said that government mandates to implement technology should come with funding.

“IT is really expensive,” Schooler said. “Whether you look at the process of getting it done, access to capital and getting the right people to do the work, it is no easy thing. A lot of industries have been automating for many years. They go about it in a way health care is going to learn. You cannot spend the money and not get the value from it. Without the engagement and will to implement and redesign how we do things and think, it won’t happen.”

Schooler said technology can help organizations change their cultures, but to do so, hospitals will have to take a different approach. He anticipates greater use of data mining. That information could be used to improve quality and operational processes.

“I hope when institutions become stronger financially, they will meet the challenge of their mission and enhance their mission,” Sonenreich said. “All hospital missions are based in high quality patient care.”

© 2008. AMN Healthcare, Inc. All Rights Reserved.

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March 4, 2008 - 7:00 AM EST

Crdentia Appoints Randall Turnbull to Senior Vice President and Chief Clinical Officer
DALLAS, March 4 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading U.S. provider of healthcare staffing services, today announced the appointment of Mr. Randall Turnbull as the Company's Senior Vice President and Chief Clinical Officer. In this newly created position, Mr. Turnbull's responsibilities will include overseeing Crdentia's regulatory compliance and accreditation, assisting in business plan development and providing clinical and contract support for the Company's 21 offices located throughout the sunbelt region of the United States.

John Kaiser, CEO of Crdentia, said, 'It is great to have Randall back with the company after a year's absence. He brings more than fifteen years of broad-based experience in healthcare staffing services and is ideally suited to serve as Crdentia's Chief Clinical Officer. He had been a key member of the Crdentia senior management team for more than three years and will once again join that team. I am confident that his clinical background, operational expertise and track record of success in helping Crdentia achieve important certification and accreditation designations will be invaluable as we move ahead with our growth and profitability objectives. Besides me, other members of the Crdentia team are also very pleased to have Randall back on board.'

Mr. Turnbull rejoins the company from All About Staffing Corporation, an affiliate of HCA Corporation, where he served as a Regional Vice President. Mr. Turnbull originally joined Crdentia in September 2004. During his tenure, he held several positions of increasing responsibility including Vice President of the Company's Travel Division, Senior Vice President of Hub Offices and most recently Senior Vice President and Chief Nursing Officer. Prior to this, Mr. Turnbull held management positions with several health care staffing companies located in the southwest region of the United States. Mr. Turnbull began his career as a registered nurse and earned a MBA from Webster University and a BS from Wright State University.

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February 27, 2008 - 7:00 AM EST

Crdentia Announces Completion of $10.2 Million Long-Term Debt Financing
DALLAS, Feb. 27 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, today announced it has completed a $10.2 million long-term debt financing with ComVest Capital LLC, based in Palm Beach, Florida. Proceeds will be used to replace Crdentia's existing credit facility and for general working capital purposes.

The $10.2 million financing is comprised of a two-year $5.2 million Revolving Credit Note, bearing interest at the greater of the Prime Rate plus 2% or 8.5%, and two separate two-year term loans, each amounting to $2.5 million and bearing annual interest of 12.5%.

John Kaiser, CEO of Crdentia said, 'We are pleased to have completed this long-term financing that reduces Crdentia's overall borrowing costs while enhancing our financial flexibility with the addition of substantial working capital. Crdentia is now on a much stronger financial footing as we move forward with our objectives of achieving profitability through improved operating performance and executing our growth initiatives to bolster our presence in key Sun Belt markets.'

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February 28, 2008 - 7:00 AM EST


Crdentia Selected by Leading Staffing Vendor to Provide Health Care Staffing Services to One of the Largest Hospital Chains in the U.S.
DALLAS, Feb. 28 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading U.S. provider of healthcare staffing services, today announced that it has been awarded a contract by a major third party staffing vendor to supply nurse staffing services to one of the largest hospital chains in the U.S.

Under terms of the agreement, Crdentia will be drawing on its expansive database of healthcare professionals to provide nurse travel staffing services to medical facilities operating primarily in the sunbelt region of the United States. The agreement includes an initial two-year term, with an option to renew the agreement every two years. Crdentia believes the annual volume of purchases for outsourced staffing services from this contract offers an opportunity to substantially increase annual revenues of the Company's Travel Division.

John Kaiser, CEO of Crdentia, commented, 'I am pleased that Crdentia has been awarded this contract with a large third party staffing vendor that supplies one of the country's largest employers of travel nurses. Our excellent track record of providing high-quality temporary staffing services coupled with our strong presence in the sunbelt region were key factors in winning this contract. We look forward to a long and mutually beneficial relationship with this and many other providers throughout the entire sunbelt region of the U.S.'

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, members of which have other business interests; 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 the limited 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. Crdentia undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Contact Crdentia Corp.
John Kaiser, CEO
Phone: [phone]
Fax: [phone]
[e-mail]

Jim TerBeest, CFO
Phone: [phone]
Fax: [phone]
[e-mail]

SOURCE Crdentia Corp.



Source: PR Newswire (February 28, 2008 - 7:00 AM EST)

News by QuoteMedia
www.quotemedia.com

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Not good at all.

http://finance.yahoo.com/q/is?s=CRDT.OB&annual

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THE OFFERING  
  
    
  
 Common stock offered by selling stockholders  
  7,533,333  
   
 Common stock outstanding(1)  
  51,224,649  
   
 Percentage of outstanding common stock being registered in this offering  
  14.7% 

Use of proceeds
We will not receive any proceeds from the sale of the common stock.

OTC Bulletin Board Symbol
CRDT





--------------------------------------------------------------------------------

(1) As of November 27, 2007.



ISSUANCES OF COMMON STOCK



The shares of common stock being offered by the selling stockholders were issued by us in the following transaction:



October and November 2007 Private Placement



On October 26, 2007, we entered into and completed an initial closing on a Securities Purchase Agreement (the “Purchase Agreement”) with certain investors for the private placement of 15,666,667 shares of common stock at a price of $0.30 per share and warrants to purchase up to 7,833,333 shares of common stock, for aggregate proceeds of $4,700,000. On November 13, 2007, we entered and completed a second closing of the Purchase Agreement with certain investors for the private placement of 3,500,000 shares of common stock at a price of $0.30 per share and warrants to purchase up to 1,750,000 shares of common stock for aggregate proceeds of $1,050,000 (collectively with the October 26, 2007 first closing of the Purchase Agreement, the “Private Placement”). The warrants are immediately exercisable, have an exercise price of $0.35 per shares and have a five year term. The shares have been and will be issued in a private placement transaction pursuant to Section 4(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. We also entered into a Registration Rights Agreement with the investors, pursuant to which we have agreed to cause a resale registration statement covering the shares sold pursuant to the Purchase Agreement and the shares issuable upon exercise of the warrants to be filed within 30 days after the closing date. Effective November 30, 2007, the Registration Rights Agreement was amended to eliminate the requirement that the shares issuable upon exercise of the warrants be covered by a registration statement. In addition, on November 30, 2007, C. Fred Toney, MedCap Partners LP, MedCap Master Fund LP and FatBoy Capital, L.P. waived the requirement that the shares purchased by them in the Private Placement be covered by this registration statement.



The proceeds from the Private Placement were used to finance our acquisitions of ATS Universal, LLC and Medical People Healthcare Services, Inc., which closed on October 29, 2007 and November 14, 2007, respectively.



C. Fred Toney C. Fred Toney, the Chairman of our board of directors, is the managing member of MedCap Management and Research LLC, the general partner of MedCap Partners LP and MedCap Master Fund LP. Mr. Toney, individually and through affiliated entities, invested $1,850,000 in the Private Placement, for a total of 6,166,667 shares of common stock and warrants to purchase 3,083,333 shares of common stock. Mr. Toney abstained from the board of directors’ vote in favor of the Private Placement. The affiliated entities advanced $470,000 of funds during September 2007, which were credited towards their investment in the Private Placement. All of the participants in the Private Placement other than FatBoy Partners, L.P, Mr. Toney, MedCap Partners LP and MedCap Master Fund LP, are identified as selling stockholders in this prospectus.

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Item 1.01 Entry into a Material Definitive Agreement.



On January 15, 2008, Crdentia Corp. (the “Company”) obtained a $1,000,000 loan (the “Loan”) from FatBoy Capital, LP, a Delaware limited partnership (“FatBoy”) to fund working capital needs. No equity securities, and no securities exercisable, convertible or exchangeable for equity securities, were issued in connection with the Loan. The Loan is payable upon the earlier of (i) March 31, 2008 or (ii) the date of the closing of any refinancing of prior secured indebtedness by the Company. The Loan bears interest at the rate of eighteen percent (18%) per annum and interest on past-due principal and past-due interest accrues at the rate of twenty-four percent (24%) per annum and is payable on demand. The Company paid FatBoy a five percent (5%) commitment fee for the extension of the Loan. MedCap Partners L.P. (“MedCap”) unconditionally guaranteed the Company’s obligations under the Loan. C. Fred Toney, the Chairman of the Company’s Board of Directors, is the managing member of MedCap Management & Research LLC, the general partner of MedCap. The Loan is evidenced by the Promissory Note filed as Exhibit 10.1 to this report on Form 8-K.

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Item 1.01 Entry into a Material Definitive Agreement.



On February 22, 2008 Crdentia Corp. (“Crdentia”) replaced its existing credit facility by entering into a $10.2 million debt refinancing (the “Refinancing”) with ComVest Capital, LLC (“ComVest”) pursuant to a Revolving Credit and Term Loan Agreement (the “Agreement”). In addition to the Agreement, Crdentia also executed the following documents in connection with the Refinancing, all dated as of February 22, 2008, including: (i) a Revolving Credit Note in the amount of $5,200,000 (the “Revolving Note”), (ii) a Term Note (Tranche A) of $2,500,000 (the “Term Note A”) and (iii) a Term Note (Tranche B) of $2,500,000 (the “Term Note B”).



The Revolving Note bears interest at the greater of (a) the prime rate of interest publicly announced by Citibank, N.A. plus 2% or (b) 8.5%. Term Note A bears interest at 12.5% annually and requires that (a) interest payments be made on the first calendar day of each month commencing on March 1, 2008 and (b) principal payments be made in twenty-three (23) equal monthly installments of $104,166.67 beginning on March 1, 2009, with the final payment due on February 28, 2011. Term Note B bears interest at 12.5% annually and requires that (a) interest payments be made on the first calendar day of each month commencing on March 1, 2008 and (b) that the principal be paid in full on February 28, 2011.



In addition to the above and in connection with the Refinancing, on February 22, 2008, Crdentia issued a Common Stock Purchase Warrant to ComVest to purchase up to eight million (8,000,000) shares of Common Stock of Crdentia with an exercise price of $0.001 per share (the “Warrant”). The Warrant is exercisable upon the earlier of (a) August 22, 2008, or (b) upon the occurrence of an event causing the acceleration of Crdentia’s obligations under the Agreement. The Warrant expires on February 28, 2014. Crdentia has agreed to register the shares issuable upon the exercise of the Warrant pursuant to a Registration Rights Agreement dated as of February 22, 2008 by and between Crdentia and ComVest (the “Registration Rights Agreement”).



The description of the Refinancing set forth above is qualified in its entirety by reference to the Agreement, the Revolving Note, Term Note A, Term Note B, the Warrant and the Registration Rights Agreement, which are filed with this current report as Exhibits 10.1 through 10.6, respectively.



Crdentia issued a press release on February 27, 2008 regarding the Refinancing, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

[paulde]

ovember 26, 2007 - 9:00 AM EST

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Crdentia Announces Third Quarter 2007 Results
Company Achieves Increased Revenue through Organic Growth for the First Time in Five Quarters
DALLAS, Nov. 26 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading U.S. provider of healthcare staffing services focused on the Sun Belt markets, reported third quarter 2007 revenue of $7.3 million, marking the first quarter of organic sequential revenue growth in five quarters. In addition, third quarter 2007 gross margin of 21.4% increased on both a sequential quarter and year-over-year basis and is indicative of stronger pricing and more effective cost control. The organic growth and margin improvement came during a seasonally weak period for the healthcare staffing industry.

As announced last month, the Company's recent acquisitions of Medical People Healthcare Services (MPHS), Inc. and ATS Health Services, expand its presence and depth of services throughout the Sun Belt and achieve a management objective to spread the Company's corporate overhead costs over a larger base of business to improve future operating income. In addition, the recent successful completion of its equity financing positions the Company for continued organic growth and expansion, thus making Crdentia a formidable competitor in its target marketplace.

John Kaiser, CEO of Crdentia, said, 'The Company's strategic plan is working well. I am delighted that the Company and our management team reinitiated organic revenue growth early in my tenure. During the third quarter we reported our first quarterly sequential revenue increase in five quarters giving us a positive outlook for the future of the Company.'

Mr. Kaiser continued, 'I am also very pleased that the recent addition of nine new staffing offices in the Sun Belt will add to Crdentia's previous operations that were already on a firm growth path as reflected by the third quarter results. Having personally visited all of the new offices in Florida, Georgia, North Carolina and Alabama, I am pleased to report that we are off to a good start at both ATS Health Services and MPHS. There is excitement throughout the combined organizations over the operational improvements, newly initiated internal growth, completed equity financing and further penetration of the Sun Belt. We look forward to continuing our strong internal growth and to the growth of the newly combined organization, along with our goal of Crdentia achieving profitability.'

For additional information on Crdentia's results of operations for the third quarter ended September 30, 2007, the Company refers you to its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2007.

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, members of which have other business interests; 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 the limited 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. Crdentia undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Contact Crdentia Corp.
John Kaiser, CEO
Phone: [phone]
Fax: [phone]
[e-mail]

Jim TerBeest, CFO
Phone: [phone]
Fax: [phone]
[e-mail]

SOURCE Crdentia Corp.



Source: PR Newswire (November 26, 2007 - 9:00 AM EST)

[QualityStocks]

CRDT Announces Addition of Amy Disney to Upper Management

Crdentia Corp. has decided to put Amy Disney in charge of their newly acquired Birmingham, Alabama market. She comes to them from MPHS, another major healthcare staffing company that Crdentia acquired last month. With Crdentia’s intention to further solidify its hold on the Sun Belt market, this acquisition allows them to leverage its corporate infrastructure to become more profitable in ongoing operations. Disney is to report directly to Crdentia CEO John Kaiser.

Beginning her career as a nurse Ms. Disney brings many years of industry specific experience to Crdetia Corp. Before joining Crdentia’s team she was the Vice President of MPHS, a healthcare staffing provider serving greater Alabama. She was institutional in the growth of Staff One Healthcare service where she took them from startup to $2.4 million in revenue in just 3 years. Disney was also president of Nurses plus Healthcare services were she helped them expand into six different markets and assisted them in realizing $13 million in revenues. The CEO of Crdentia is quite pleased with the addition of Disney to the management team as he is quoted saying, “Amy did an exceptional job growing MPHS to a major healthcare staffing firm in the Birmingham market. Amy is the absolute best person to manage this operation and oversee its integration with Crdentia. I am thrilled that she has agreed to join our senior leadership team.”

Crdentia Corp is a Major Healthcare staffing company dedicated to recruiting talented national and international healthcare professionals to fulfill the needs of their 2300 clients. They provide temporary staff for all positions within the healthcare industry including local nurses, travel nurses, allied health and locum tenens professionals. A full array of Managed staffing services is also offered. Crdentia is known for having the highest employee retention rate within its industry and currently operates in 21 strategic US locations. They recognized are one of the Largest and Fastest growing Healthcare service providers.

[QualityStocks]

CRDT Announces Final Closing of Equity Financing

Crdentia announced that it has completed the second and final closing of its private placement equity offering which brought the total capital raised to $6,000,000. The financing will be used as working capital and for strategic initiatives, in addition to financing the Company’s recent acquisitions of ATS Health Services and Medical People Healthcare Services, Inc.

John Kaiser, CEO, stated, “I am pleased to announce the completion of this additional equity financing, which enables us to pursue our strategic growth plans of establishing Crdentia as a leading full-service supplier of healthcare staffing throughout the Sun Belt region.

He concluded, “The capital raised helped to finance our recent acquisitions that have transformed Crdentia into a substantially larger company, both in terms of revenue and our geographical service footprint. With the completion of this financing, we are also pleased to welcome new institutional investors to our growing base of shareholders.”

[QualityStocks]

CRDT Acquires a Leading Provider of Temporary Nursing and Allied Health Staff

Crdentia announced before the morning bell that it has completed the acquisition of Medical People Healthcare Services, Inc. The company is a leading provider of temporary nursing and allied health staff to nursing homes, hospitals and other healthcare amenities in the state of Alabama.

Approximately 65% of Medical’s revenues come from healthcare staffing in the nursing home segment, while the remaining revenues generate from services to local hospitals and other healthcare facilities. The acquisition is anticipated to be accretive to Crdentia without delay.

John Kaiser, CEO of Crdentia stated, “I am very pleased that we have completed the acquisition of the assets of Medical People Healthcare Services, Inc. and I look forward to working with the entire staff of MPHS and to continue to see consistent growth for our combined Company as we layer in services in all segments of the healthcare staffing market. Integration of the acquisition has now begun in earnest.”

He continued, “Alabama is a key market in solidifying our growing presence in the Sun Belt markets, and the completion of the acquisition of MPHS, along with the recent addition of eight other offices in Georgia, North Carolina and throughout Florida, firmly entrenches Crdentia in this important market. Furthermore, this expansion allows Crdentia to continue to leverage its corporate infrastructure leading to more profitable overall operations.”

[QualityStocks]

CRDT - Trust A Nurse

A company in an interesting sector that could benefit from the age old theory of supply and demand is Crdentia Corporation (CRDE). “Crdentia is the latin word for trust,” said CEO Jim Durham when asked about the peculiar spelling of the company’s name. The demand for nurses is exponentially rising as the supply of qualified nurses dwindles everyday. There’s a critical shortage of this occupation in the US and the retirement of the “baby boomers” is not helping the situation. Also hindering the supply is the fact that many schools are limited because of the number of the lack of accredited faculty. Many qualified prospective students have to be turned down because of the limited amount of teachers able to educate pupils on the profession. Many entities have proposed pay raises to this sector to entice those in the industry, especially the public sector. But as many know, legislators will debate every basis of salary increases in their respective states’ budget, ignoring the relevant facts and statistics available. Until changes are made, CRDE looks to help fill the gaps where shortages appear.

The company is a provider of healthcare staffing services, focusing on the areas of travel nursing, per diem staffing, contractual clinical services, and private duty home care. Their travel nurses are recruited domestically as well as internationally and placed on temporary assignments at healthcare facilities across the United States. CRDE’s contractual clinical services group provides complete clinical management and staffing for healthcare facilities, while the company’s private duty home care group provides nursing case management and staffing for skilled and non-skilled care in the home. “Companies in this space are primarily divided into 2 traditional types of business models. The Per Diem or one nurse- one shift type and the travel model which involves placement of the nurses in longer relationships,” said Durham, “The public companies focus primarily on either the Per Diem or the Travel model, we feel like it is essential to do both.”

The company has enacted an acquisition strategy to cope with the growing demand. They have completed nine acquisitions in the healthcare staffing field and anticipate continuing a plan to acquire additional specialized private companies in the healthcare staffing field. The company’s theory is that private companies, because of their smaller size, will find it difficult to compete for the limited funding, public exposure that is provided by critical mass. “The rapid consolidation of my industry is moving faster than I expected when we started this company,” noted Durham. An attractive part of being acquired is the fact that local owners say they get fed up with the cash management challenge. Durham adds, “If I talked to 100 companies in this industry, without exception, they would all see the need and benefit of consolidation.”

Some have urged the strategy is actually a competitive advantage since there is a portion of local owners that are willing to exit the industry for various reasons leaving a propitious acquisition for CRDE and similar companies. This model has been compared to the classic consolidation stories of the waste management firm in the 1990’s.

The company is destined for some top line growth. Yearly, it has shown impressive increases in revenue since its inception with this year being no exception. But, the balance sheet could be in need of a mini make over. The latest 10-Q report showed an Accounts Receivable balance of $4.8M dollars, an increase of almost $2M from the same quarter in 2004.

Even though sales displayed the same type of growth, the inability to collect may be having an effect on cash flows. Hospitals are notoriously slow payers. This is one of the prime reasons local owners are motivated to out source this cash management challenge. Clearly stated in the prospectus (as with all microcap companies) is the need for additional capital. As evident by the private placement deal recently announced, an accounts receivable financing deal may be better for shareholders in place of a dilutive stock deal. Also displayed on the 10-Q was a drop in the Selling, General, and Administrative Expense balance, a good sign, though, when coupled with a higher Non-cash Stock Based Compensation balance year over year, it becomes neutral.

In any small business execution and gaining market share is the key to success. The industry can be rocked by changes in regulation as some can remember when the “Hillary” effect took place after the election of her husband. The industry remains on guard and will no doubt be watching the upcoming elections.

In any event, 30 states were estimated to have shortages of registered nurses in the year 2000. The shortage is projected to intensify over the next two decades to 44 states and the District of Columbia, with the latest projections from the U.S. Bureau of Labor Statistics conveying that more than one million new and replacement nurses will be needed by 2012. If costs can be controlled and margins maintained in the 20% area, a very decent bottom line number will ensue which could be enticing to some investors in this growth area.

[QualityStocks]

CRDT is “One to Watch”

Crdentia is one of the nation’s fastest growing companies that provide a full range of healthcare staffing solutions. The company is committed to recruiting only the most talented healthcare professionals on an international basis to best meet their clients’ employment needs.

Crdentia is one of very few companies that have the ability to provide per diem, short and long-term contract, travel and direct placement of professionals in all healthcare industry positions, as well as an assortment of managed staffing services.

The company has utilized a proven recruiting model to become one of the United States’ premier healthcare staffing solution and is focused on earning their current and potential clients’ trust by providing the highest quality staffing solutions, offering highly customizable options, while simultaneously staying committed to establishing quality driven relationships.

[iglos]

Value-Based Institutions Invest $5M Into Growing Healthcare Staffing Force; Share Price Closes Up 15%


Crdentia Announces Completion of $5M Financing

Enhances Ability to Accelerate Growth Plans

DALLAS, Oct. 29 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, today announced it has completed a private placement of a $5 million equity offering. The proceeds from this offering will be used for working capital and strategic initiatives. In keeping with Crdentia's strategy of focusing on internal organic growth throughout the Sun Belt and enhancing its operations with potential highly-strategic acquisitions in the Sun Belt, this financing will allow Crdentia to firmly enhance its position in these target markets. Crdentia also believes this funding will allow the Company to implement additional organic growth initiatives to further improve operating margins and accelerate its increase in revenue.

'Completion of this new equity financing is very important to Crdentia as it allows the Company to fully implement its strategic growth plans with the goal of establishing Crdentia as one of the strongest full-service suppliers of healthcare personnel in the Sun Belt and one of the largest healthcare staffing companies in the country,' said John Kaiser, CEO.

Terms of the financing include 15.7 million shares of common stock and 7.8 million five-year warrants to purchase common stock for $0.35 per share in a cash only exercise. A second and final closing for the offering will occur within 10 business days from the date of this initial $5 million funding. Global Hunter Securities, LLC acted as placement agent for the financing.

The shares of common stock sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. Crdentia has agreed to file a registration statement with the Commission covering the resale of the common stock sold in the private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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 1,500 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 and locum tenens professionals. For more information, visit http://www.crdentia.com.

You are receiving this transmission from AudioStocks, Inc on behalf of the issuer of the information contained in this email.


For more information and news on Crdentia Corp, visit www.AudioStocks.com

[makesumgravy]

I have to request a chart for the company. This isn't on the listed stock charts.