Health & Fitness
Health and Fitness
Health and Fitness
Fri, January 30, 2009
Thu, January 29, 2009 CompCare Acquires Core Corporate Consulting Group, Inc.
TAMPA, Fla.--([ BUSINESS WIRE ])--Comprehensive Care Corporation (OTCBB:CHCR) (CompCare) today announced that it has acquired 100% of Core Corporate Consulting Group, Inc.'s ("Core's") stock.
Core is a company specializing in the healthcare sector and its wholly owned subsidiary, Direct Ventures International Inc. ("Direct Ventures"), is a national leader in product sourcing and the direct response market. Core markets a variety of health-related products under its Medquip™ brand name, and insurance and discounted health products branded as Core Advantage™ through a multiple of distribution channels. In addition to traditional distribution channels, the Company directs its distribution into highly targeted ethnic markets. Following the acquisition of Direct Ventures by Core, Bill Barlow serves as President of Core. He will additionally serve as Senior Vice President of New Business Ventures for CompCare. Barlow is a direct-response marketing veteran with more than 25 years of experience in product sourcing and marketing products direct to consumers. Barlow's efforts have achieved product sales in excess of $1 billion on television alone and nearly another $1 billion utilizing other forms of distribution channels.
This acquisition dramatically expands CompCare's marketing capabilities, both domestically and internationally, as well as providing CompCare with a substantially expanded product line to be marketed as companion products to its already existing line of healthcare offerings.
John Hill, CompCare's CEO, stated, "We are excited about our acquisition of Core as we believe that this acquisition will not only enhance the distribution of the many products and services that CompCare already has available to offer to potential clients, but additionally provides us with a wider variety of distribution channels that were otherwise unavailable to us. We also believe that Core's ability to target and reach specific ethnic markets which have been, for the most part, not only underserved, but overlooked, places us in a 'first to market' position in this lucrative healthcare space. In addition to its international distribution capabilities, Core brings a stable of products in the medical equipment and health products space to materially expand our offerings and earnings potential."
Bill Barlow, President of Core, agrees, "The combination of CompCare and Core creates, in one place at one time, the solid ability to reach potentially millions of people through existing distribution channels and to provide those people, perhaps for the first time, with the most affordable healthcare products and services on the market today. CompCare, with its slightly under one-million life customer base, will now have the ability, through Core, to make available to that customer base products and services specifically customized for those customers as well as providing Core with the ability to take CompCare's products and integrate them into Core's highly targeted marketing channels. Since Core will be able to fully utilize CompCare's already existing back office and administrative capabilities, the margins to be achieved are dramatic, which provides us with the added ability to market our combined products at the most competitive rates available." Mr. Barlow added, "CompCare also provides us with the opportunity to bring new products to our international customer base."
The combined companies currently have offices located in Tampa/St. Petersburg, FL; Silver Spring, MD; Grand Prairie, TX; Puerto Rico; London, UK and Weihai, China.
About Comprehensive Care Corporation
Established in 1969, CompCare provides behavioral health, substance abuse and employee assistance programs for governmental agencies, managed care companies and employer groups throughout the United States. Headquartered in Tampa, Florida, CompCare focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches to behavioral health that address both the specific needs of clients and changing healthcare industry demands. For more information go to [ www.compcare.com ].
About Core Corporate Consulting Group, Inc.
Core, through its marketing partners and joint venture relationships, provides distribution channels to offer products and services to sectors of the population that are currently being underserved by their healthcare needs. Core focuses on increasing the members of our society that can be serviced medically at an affordable price.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this press release include the projected successful integration of Core's operations into CompCare's business, the continuing success that Core is expected to have in marketing its products, the potential represented by ethnic markets and the overall performance of the healthcare market. These forward-looking statements are not historical facts, do not constitute guarantees of future performance and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risks and uncertainties include, among others, changes in local, regional and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability of our capitated contracts, cost of care, seasonality, the Company's ability to obtain additional financing and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at [ http://www.sec.gov ].
