Arcadia to continue buying spree
SOUTHFIELD, Mich. - Backed by $15 million in new financing, Arcadia Resources plans to continue on its path of "strong internal growth," company officials stated July 6.
"This capital allows us to realign our balance sheet and make ready for certain acquisitions that we are pursuing," Chairman and CEO John Elliott stated in a release.
The new financing comes from Jana Master Fund, one of Arcadia's long-term shareholders.
In addition to acquiring existing companies, Arcadia plans to use the money to initiate start-up locations, officials said. The company also announced in late-June that it has agreed to open nine walk-in clinics inside Meijer supercenter stores in Indiana.
"We believe consumer-driven health care is quickly evolving for patients in the United States, and we intend to be an instrumental part of this movement toward more patient choices--driven by accessibility, lifestyle choices and personal spending latitude, rather than by insurance or manager care companies or the traditional government programs," Elliott stated.
In other news, Arcadia began trading on the American Stock Exchange July 3. The company's common shares trade under the ticker symbol KAD.
Arcadia has 104 operating locations in 26 states.