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CompCare Acquires 100% Ownership in CompCare de Puerto Rico, Inc. and Promotes Reme Rodriguez as its President

^{Published on 2010-07-28 05:11:41 - Market Wire}
 

TAMPA, Fla.--([ BUSINESS WIRE ])--Comprehensive Care Corporation (aCompCarea) (OTCBB: CHCR) today announced that through its wholly owned subsidiary, Comprehensive Behavioral Care, Inc. (aCBCa), it has acquired the remaining 49% of outstanding shares of common stock that it did not already own in CompCare de Puerto Rico, Inc. (aCCPRa). CCPR was established in 2008 to develop CompCarea™s managed behavioral health care business in Puerto Rico. Prior to this acquisition, CBC owned 51% of CCPR's shares. With the consummation of this transaction, CBC now owns 100% of CCPR, positioning the Company to take full advantage of numerous opportunities in the Puerto Rico market.

"We are equally delighted to announce the promotion of Reme Rodriguez to serve as our new President of CCPR. Reme is a well-respected, healthcare industry executive with a proven track record of success. Her knowledge and experience in Puerto Rico will benefit CompCare tremendously."

Following the acquisition, CCPR promoted Remedios aRemea Rodriquez to act as its President for Puerto Rico. Prior to her promotion, Ms. Rodriguez was Vice President of Business Development for CompCare. Ms. Rodriguez is a behavioral managed care veteran whose experience includes building from scratch a large managed care organization in Puerto Rico, making her an ideal choice to lead CCPRa™s efforts to build an office and attract new clients to CompCare. Ms. Rodriguez will be relocating to Puerto Rico where she maintains strong, personal relationships that include providers, health plans and government contacts.

Clark A. Marcus, CompCarea™s Chairman and Co-CEO, stated, aThe unique dynamics in Puerto Rico coupled with an aging population has resulted in a serious shortage of long-term care facilities and services, especially for the mentally ill and developmentally disabled. We believe with this acquisition, CompCare, through its subsidiary, is now strategically positioned to acquire substantial new business in Puerto Rico through the Companya™s ability to now deliver affordable access to government-funded health care programs, which in turn increases our ability to design customized programs for a wider range of this population.a Mr. Marcus went on to say, aWe are equally delighted to announce the promotion of Reme Rodriguez to serve as our new President of CCPR. Reme is a well-respected, healthcare industry executive with a proven track record of success. Her knowledge and experience in Puerto Rico will benefit CompCare tremendously.a

About CompCare

Established in 1969, Comprehensive Care Corporation (aComp Carea) 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, please visit [ www.CompCare.com ] or call 813-288-4808.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release, including but not limited to the Companya™s new business opportunities in Puerto Rico, are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the companya™s control that may cause actual results to differ materially from stated expectations. These risk factors 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 Companya™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 [ www.sec.gov ].