Printer Friendly

CARETENDERS ANNOUNCES TERMINATION OF CALIFORNIA ADULT DAY CARE PROJECT

 LOUISVILLE, KY., Nov. 26 /PRNewswire/ -- Caretenders HealthCorp (NASDAQ: CTND) today announced the termination of the pilot project with the State of California under which it was to open for-profit adult day health care centers in California. The company has previously announced that California had proposed changing the terms of the pilot program to limit the adult day care licenses to two years. In subsequent negotiations, California withdrew all prior agreements and promises with respect to the granting of licenses and thus will not allow any pilot project to proceed. "We still are interested in operating in California, but it appears that it will require legislative action before for-profit providers will be able to enter the California market," said William Yarmuth, Caretenders' chairman and CEO.
 The company plans to file a claim with the California Board of Control to recover funds expended in developing the pilot project in reliance on the original agreement with the state.
 Yarmuth said the decision not to proceed in California will not affect the long term growth of the company. "As we announced at the annual shareholders meeting, Almost Family will increase its daily capacity from 567 to 1,600 in the next 18 months, all in the eastern U.S.," he said.
 Caretenders is the largest provider of adult day care centers in the country, with ten centers in Maryland and Connecticut. The company also provides comprehensive home health care services in Kentucky, Indiana, Alabama, Massachusetts and Virginia.
 -0- 11/26/93
 /CONTACT: William Yarmuth or Steve Guenthner of Caretenders HealthCorp, 502-425-4707/
 (CTND)


CO: Caretenders HealthCorp ST: Kentucky, California IN: HEA SU:

SB -- CH003 -- 7946 11/26/93 11:56 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 26, 1993
Words:276
Previous Article:CHARTER POWER SYSTEMS SALES AND EARNINGS APPROACH RECORD LEVELS
Next Article:PERRY DRUG STORES PRESENTS THE GREAT WALLENDAS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters