Crdentia Completes Acquisition of Staff Search Ltd.
19 April 2006 - 7:05AM
PR Newswire (US)
DALLAS, April 18 /PRNewswire-FirstCall/ -- Crdentia Corp.
(OTC:CRDT) (BULLETIN BOARD: CRDT) , a leading U.S. provider of
healthcare staffing services, today announced that it has acquired
Staff Search Ltd., a provider of per diem nursing and allied
medical staffing services throughout major metropolitan areas in
Texas. Terms of the transactions were not released. Staff Search,
which operates primarily in Houston, San Antonio, Austin and
Dallas, Texas, was founded in 1984 by James Iden and generated 2005
annual revenues of approximately $13 million. Staff Search has
strong hospital and allied clientele data basing over 3,500
healthcare professionals, including nurses and allied health
professionals such as nursing, administrative, dieticians, social
workers, case managers, diagnostic imaging, physical therapists and
clinical laboratory technicians. James Iden has joined Crdentia's
senior management team and will be responsible for rolling-out
allied staffing services to Crdentia's other offices. "I am pleased
to announce Crdentia's acquisition of Staff Search, which will
significantly expand our ability to meet the growing staffing
requirements of our customers in the major metro areas throughout
Texas," said Crdentia's Chairman and Chief Executive Officer James
D. Durham. "As in many parts of the country, there remains a
shortage of qualified health care professionals in these markets.
In fact, with the acquisition of Staff Search, we will now have a
critical mass of allied health care professionals to add to
Crdentia's multidimensional arsenal of staffing services, which
also includes per diem, travel nursing, international recruitment,
contractual and private duty healthcare. We expect to take
advantage of this and grow the business by augmenting Staff
Search's local per diem nursing and allied staff with Crdentia's
additional resources to reduce the amount of unfilled staffing
requests. In addition, we will look to achieve operational
synergies by consolidating Staff Search operations in Houston and
Dallas with Crdentia's existing hub offices in these markets."
James Iden, founder of Staff Search, commented "Joining forces with
Crdentia gives Staff Search access to additional capital, improved
distribution networks and new products and services to the
healthcare staffing markets throughout Texas. I firmly believe that
this will enable Staff Search to grow larger and faster in
providing career opportunities to its staff members, while
improving the level of healthcare delivery in the communities
served than we could have on a stand-alone basis. Crdentia is
highly regarded for its industry experience and management strength
and I look forward to joining the Crdentia team." Staff Search
represents Crdentia's tenth acquisition focusing on healthcare
staffing services since commencing operations in August, 2002.
Crdentia currently ranks among the 10 largest healthcare staffing
providers in the U.S. market and earlier this year the Company was
ranked as the second fastest-growing public company in the
Dallas/Ft. Worth Metroplex by the Dallas Business Journal. About
Crdentia Corp. Crdentia Corp. is one of the nation's leading
providers of healthcare staffing services. Crdentia seeks to
capitalize on an opportunity that currently exists in the
healthcare industry by targeting the critical nursing and allied
shortage issue. There are many small, private companies that are
addressing the rapidly expanding needs of the healthcare industry.
Unfortunately, due to their relatively small capitalization, they
are unable to maximize their potential, obtain outside capital or
expand. By consolidating well-run small private companies into a
larger public entity, Crdentia intends to facilitate access to
capital, the acquisition of technology, providing greater diversity
of client services and expanded distribution that, in turn, drive
internal growth. For more information, visit
http://www.crdentia.com/. Forward Looking Statements Statements
contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties.
Among the important factors which could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to, those discussed in "Risk Factors"
in the Company's Forms 10-KSB, Forms 10-QSB, and other filings with
the Securities and Exchange Commission. Such risk factors include,
but are not limited to, a limited operating history with no
earnings; reliance on the Company's management team, members of
which have other business interests; the ability to successfully
implement the Company's business plan; the ability to continue as a
going concern; the ability to fund the Company's business and
acquisition strategy; the growth of the temporary healthcare
professional staffing business; difficulty in managing operations
of acquired businesses; uncertainty in government regulation of the
healthcare industry; and the limited public market for the
Company's common stock. The actual results that the Company
achieves may differ materially from any forward-looking statements
due to such risks and uncertainties. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason. AT THE COMPANY: AT FINANCIAL RELATIONS BOARD: James D.
Durham Lasse Glassen Chairman and CEO 310-854-8313 972-850-0780
DATASOURCE: Crdentia Corp CONTACT: James D. Durham, Chairman and
CEO of Crdentia Corp., +1-972-850-0780; or Lasse Glassen of
Financial Relations Board, +1-310-854-8313, , for Crdentia Corp.
Web site: http://www.crdentia.com/
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