Crdentia Announces Focus on Sun Belt Markets, Executes Sale of Detroit Assets
03 July 2007 - 11:00PM
PR Newswire (US)
DALLAS, July 3 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC:CRDT)
(BULLETIN BOARD: CRDT) , a leading U.S. provider of healthcare
staffing services, today announced an important step in the
execution of its strategy to focus on both organic growth and on
the attractive markets throughout the Sun Belt regions of the U.S.
As part of this strategy, Crdentia has entered into an agreement to
sell its Detroit assets. Proceeds from the sale of these assets
were $0.3 million and receipt of 128,367 shares of Crdentia common
stock. With the divestiture of these assets, Crdentia will continue
to focus on its strong base of operations located in the southeast
and southwest of the United States, which include 12 hub offices
throughout Arizona, Texas, Alabama and North Carolina. The Company
also remains committed to expanding its network of hub offices in
strategic markets throughout the Sun Belt. John Kaiser, Crdentia
Chief Executive Officer, commented, "Crdentia is now a solid
company operating in attractive markets and poised to achieve
significant growth. In only 12 weeks since joining Crdentia as CEO,
I am pleased to report several important accomplishments. These
include significantly reducing expenses, stabilizing operations,
motivating our strong base of employees, implementing new
management reporting systems, improving our recruiting initiatives
and initiating organic growth initiatives. I believe that these
financial and operational improvements will be reflected in our
results during the second half of 2007, which will build a very
strong foundation for success in 2008. We look forward to beginning
to generate positive adjusted EBITDA. Going forward, we are
steadfast in our focus to achieve this goal through ongoing
improvements in recruitment and order fulfillment, organic revenue
growth, carefully managing operating expenses, and seeking
strategic acquisitions that can bolster our strength in the Sun
Belt markets. We believe that we are making great progress toward
these goals." About Crdentia Corp. Crdentia Corp. is one of the
nation's leading providers of healthcare staffing services to 1,500
healthcare providers in the U.S. Crdentia provides high quality
temporary healthcare staffing comprised of travel and per diem
nursing, locum tenens, and allied healthcare staffing. 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; 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 limited trading in the 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 J.
TerBeest Lasse Glassen Chief Financial Officer 310-854-8313
972-850-0780 DATASOURCE: Crdentia Corp. CONTACT: James J. TerBeest,
Chief Financial Officer 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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