Arcadia picks up financing, award
SOUTHFIELD, Mich. - Backed by $15 million in new debt 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 other news, Arcadia was named Michigan's largest home healthcare provider for 2005 by Crain's Detroit Business, a weekly business publication. Arcadia outpaced 19 other companies in the following categories: annual revenues, percentage change in net revenues, total number of field staff and total number of patients. The company also began trading on the American Stock Exchange July 3. Its common shares trade under the ticker symbol KAD.