Community Care Services announces $4 million line of credit with The Bank of New York and provider agreement with Oxford Health Plans.MT. VERNON, N.Y.--(BUSINESS WIRE)--April 22, 1997--Community Care Services, Inc. (Nasdaq Small Cap Issues: CCSE CCSE Check Point Certified Security Expert CCSE Checkpoint Certified Security Engineer CCSE College of Computer Sciences and Engineering (Saudi Arabia) CCSE Center for Computational Science and Engineering (common); CCSEW (warrants)) ("Community Care") today announced that it has obtained from The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. a $4 million secured line of credit, at the prime lending rate The lowest rate of interest that a financial institution, such as a bank, charges its best customers, usually large corporations, for short-term unsecured loans. The prime lending rate is an economic indicator and is often used as a measuring point for adjusting interest . The Company also announced that it has entered into an ancillary service agreement with Oxford Health Plans (Nasdaq National Market: OXHP) ("Oxford") to provide home medical equipment and supplies, rehabilitation and respiratory products and services to approximately 1.3 million Oxford-covered lives in 16 counties in New York There are sixty-two counties in the State of New York. Five of these are boroughs of New York City and do not have functioning county governments. New York City encompasses five counties, and is the county seat of all five of them: New York County (Manhattan), Kings County (Brooklyn), , New Jersey, and Connecticut. The agreement commenced April 16, 1997. Alan Sheinwald, Chief Executive Officer of Community Care Services, commented, "We are very excited to announce these significant corporate developments. We expect to use the funds available under this agreement for general working capital purposes, as well as to increase our sales and marketing efforts, develop and integrate new and existing products and services, and expand our custom rehabilitation products business. We believe that this agreement reflects The Bank of New York's confidence in Community Care, as well as the Company's prospects for future growth. "This agreement with Oxford significantly broadens Community Care's potential customer pool throughout the tri-state area. By coordinating with referral sources such as physicians, nurses and payor case managers, we are currently providing home healthcare products and services for member-individuals of such companies as Group Health Insurance, Inc. (GHI GHI Group Health Incorporated (HMO) GHI German Historical Institute (Washington, DC) GHI Ghost Hunters International GHI Geohazards International GHI Gustav Heinemann-Initiative ), Aetna/US Healthcare, Empire Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. , MultiPlan Inc., MetroPlus Health Plan, and Beech Street Corporation. We believe that the addition of Oxford-covered lives to this list makes Community Care more attractive to referral sources in the tri-state region who are increasingly seeking providers that have agreements with a variety of health plans and managed care organizations." Community Care also announced that: - Matthew McDonough has been promoted to Vice President of Operations. Mr. McDonough joined Community Care in February 1996 as Operations Manager. Prior to joining the Company, Mr. McDonough held managerial positions with Airborne Express, Inc. and Mayflower Mayflower, ship Mayflower, ship that in 1620 brought the Pilgrims from England to New England. She set out from Southampton in company with the Speedwell, Group, Inc. - It has reached a settlement pursuant to an action initiated in 1993 by the Company against Adam Health Care Equipment Corp. While terms were not disclosed, the settlement has no material impact on Community Care's operations or financial condition. - Its new, full-service facility in Middletown, New York Middletown is the name of two separate cities located in the U.S. state of New York:
commence operations on April 23rd. Community Care will conduct customer service, distribution and local marketing efforts at this new location, which will serve the mid- Hudson Valley region of New York State, including Orange, Ulster, Sullivan, Rockland and Dutchess counties. This press release contains forward looking statements which involve numerous risks and uncertainties. Actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. Community Care Services, Inc. is a leading provider of a wide variety of home healthcare products and services in the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . A JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. provider with commendation, the Company services the home healthcare market by coordinating with various health care workers and payor case managers to determine the home health needs of patients. CONTACT: Community Care Services, Inc. Alan Sheinwald, Chief Executive Officer (914) 665-9050 or CCSE's INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Devin Sullivan (212) 836-9608 Robert Goldstein (212) 371-8660 |
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