Arcadia Resources secures $5 million

Wednesday, April 30, 2008

INDIANAPOLIS - Arcadia Resources has secured a new debt facility with a maximum borrowing amount of $5 million, the provider announced April 1. The facility matures on Oct. 31, 2009, and bears interest at annual rate of 10%. It is secured by company assets. "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," stated Marvin Richardson, president and CEO, in a release.