Health and Fitness Health and Fitness
Mon, November 25, 2024
Thu, November 14, 2024
Tue, November 12, 2024
Sat, June 10, 2017
Sat, June 3, 2017
Wed, May 31, 2017
Wed, May 17, 2017
Fri, May 12, 2017
Thu, May 11, 2017
Tue, May 9, 2017
Thu, May 4, 2017
Thu, April 20, 2017
Fri, April 14, 2017
Thu, March 23, 2017
Fri, March 17, 2017
Thu, March 9, 2017
Sat, March 4, 2017
Fri, March 3, 2017
Thu, March 2, 2017
Wed, February 15, 2017
Mon, February 13, 2017
Wed, February 8, 2017
Thu, February 2, 2017
Fri, January 13, 2017
Wed, January 11, 2017
Wed, January 4, 2017
Fri, December 16, 2016
Thu, December 15, 2016
Mon, December 12, 2016
Thu, December 8, 2016
Wed, November 23, 2016
Mon, November 14, 2016
Sun, November 13, 2016
Wed, November 9, 2016
Thu, November 3, 2016
Wed, November 2, 2016
Mon, October 17, 2016
Sat, October 8, 2016
Thu, October 6, 2016
Wed, October 5, 2016
Mon, October 3, 2016
Fri, September 30, 2016
Thu, September 29, 2016
Tue, September 27, 2016
Mon, September 26, 2016
Fri, September 23, 2016
Thu, September 22, 2016
Wed, September 21, 2016
[ Wed, Sep 21st 2016 ] - Market Wire
Last Patient Out
Tue, September 20, 2016
Mon, September 19, 2016
Sun, September 18, 2016
Fri, September 16, 2016
Thu, September 15, 2016
Wed, September 14, 2016
Mon, September 12, 2016
Fri, September 9, 2016
Thu, May 9, 2013
[ Thu, May 09th 2013 ] - Market Wire
Achieves Record Revenues
Wed, May 8, 2013
Tue, May 7, 2013
Mon, May 6, 2013
Sun, May 5, 2013
Fri, May 3, 2013
Thu, May 2, 2013
Wed, May 1, 2013
Tue, April 30, 2013
Mon, April 29, 2013
Sun, April 28, 2013
Fri, April 26, 2013
Thu, April 25, 2013
Wed, April 24, 2013

Comprehensive Care Corporation Announces Closing of $5 Million Credit Facility


Published on 2013-05-06 03:00:26 - Market Wire
  Print publication without navigation


Comprehensive Care Corporation Announces Closing of $5 Million Credit Facility -- TAMPA, Fla., May 6, 2013 /PRNewswire/ --

TAMPA, Fla., May 6, 2013 /PRNewswire/ -- Comprehensive Care Corporation (OTCBB: CHCR), a leading behavioral health, substance abuse and pharmacy management provider for employers, Taft-Hartley health and welfare Funds, and managed care companies, today announced that it has closed a $5 million Senior Secured Credit Facility with TCA Global Credit Master Fund (TCA).  Under terms of the agreement, funds will be made available to Comprehensive Care on an as-needed basis, with the initial draw down set at $1 million.

"The Company's Pharmacy Savings Program is well underway with the Company having already retained the services of several senior sales executives; advanced its negotiations with various union leaders and union locals; signed an agreement with Blasters, Drillers and Miners Union, Local 29, with plans to 'go live' with the Company's new pharmacy program within the next two months; and, retained the services of Colonel Ramon Martinez as the new President of CompCare Pharmacy Solutions, Inc.  The traction that the Company's new pharmacy program is receiving is even better than we expected.  We are confident that the faster we are able to roll out the pharmacy program, the more market share we will be able to capture.  We view the Credit Facility with TCA as not only an endorsement by them of the validity of our pharmacy program, but also reflective of their belief in management's ability to execute.  We very much appreciate this level of support and are confident in our ability to justify TCA's and our investors belief in us," said Clark A. Marcus , Chairman and CEO of CompCare.

"TCA Global Credit Master Fund provides financing to listed companies and private entities to assist them in their growth and allow them to take advantage of the opportunities in their sector," said Donna Silverman , Managing Director of TCA Fund Management Group.  "We had a number of preliminary talks with CompCare's management team and were initially intrigued by their unique approach towards reducing the ever-rising pharmacy costs in healthcare. We look forward to working with CompCare and watching our financial assistance move them forward in maturing their Pharmacy Savings Program to the greatest extent possible."

About TCA Global Credit Master Fund

TCA Fund Management Group manages the TCA Global Credit Master Fund and acts as an advisor to countless small companies from its offices in the United States, United Kingdom, and Australia.  TCA Fund is a short duration, absolute return fund specializing in senior secured lending to small, mainly listed companies in the U.S., Canada, Western Europe, and Australia.  The team has a level of domestic and cross-border expertise, longstanding experience, and funding innovations, as is reflected in the number of transactions completed.  This is a specialist business with an investment approach that fills an important finance gap in many leading markets.  TCA Global Credit Master Fund also provides a unique conduit for investors seeking uncorrelated returns in the small cap debt universe.  For information about TCA Global Credit Master Fund, please visit: [ www.trafcap.com ].

About Comprehensive Care Corporation

Established in 1969, CompCare provides behavioral health, substance abuse and pharmacy management services for employers, Taft-Hartley health and welfare Funds, and managed care companies throughout the United States.  Headquartered in Tampa, Florida, CompCare focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches that address both the specific needs of clients and changing healthcare industry demands.  For more information, please call 813-288-4808 or visit our website at [ www.compcare.com ].

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 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 CompCare's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, the ability of CompCare to rapidly introduce its new pharmacy cost saving program to the market and maximize its market share with new pharmacy initiatives, the ability of CompCare's new pharmacy cost-savings program to guarantee a 10% or more reduction in pharmacy costs, the ability of CompCare's pharmacy program to promote greater medication adherence without restricting access to needed medications, the ability of CompCare's pharmacy cost-savings program to revolutionize the pharmacy sector of the healthcare industry, CompCare's ability to provide superior patient care while increasing its business and margins as a result of implementing its pharmacy cost-savings program, the ability to obtain a performance bond on satisfactory terms, the ability of CompCare and its staff to execute its business plan, the ability of CompCare to offer and sell any of its products at a profit, changes in local, regional, and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member pharmacy utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability, if any, from capitated pharmacy contracts or other products, increases or variations in cost of care, seasonality, CompCare'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 ]. Any forward-looking statement in this release speaks only as of the date on which it is made. CompCare assumes no obligation to update or revise any forward-looking statements

Investor Contacts:
Paul Knopick
E & E Communications
[ pknopick@eandecommunications.com
940.262.3584

SOURCE Comprehensive Care Corporation



RELATED LINKS
[ http://www.compcare.com ]

Publication Contributing Sources