OT: TREY --Arcadia Resources Announces $5 Million Debt Facility to Fund DailyMed Growth
Tuesday April 1, 8:00 am ET
INDIANAPOLIS--(BUSINESS WIRE)--Arcadia Resources, Inc. (AMEX: KAD - News), a leading provider of innovative consumer health care services doing business under the trade name of Arcadia HealthCareSM, today announced it has obtained a new debt facility with a maximum borrowing amount of $5 million. The facility matures on October 31, 2009, bears interest at an annual rate of 10% and is secured by certain Company assets. The Form 8-K outlining details of this debt facility will be filed with the SEC on a timely basis.
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“This financing will provide Arcadia with the cash to fund DailyMed and our related pharmacy fulfillment strategy and the working capital needs associated with the pharmacy business growth anticipated during our fiscal year beginning April 1, 2008,” said Marvin R. Richardson, president and chief executive officer. “This deal represents an important first step towards executing our fiscal 2009 growth strategy and is significant in that the majority of debt will be used to grow our DailyMed business rather than meet core operating cash obligations.”
I'm getting thirsty dammit!
Oh yea, everthing is my opinion only. Please make your own decisions and consult your own financial advisors for both investment and income tax issues.
