Comprehensive Care Receives $5.4 Million IRS Refund.CORONA DEL MAR, Calif.--(BUSINESS WIRE)--Oct. 7, 1996-- Comprehensive Care Corporation (NYSE NYSE See: New York Stock Exchange :CMP CMP (cytidine monophosphate): see cytosine. (1) (CMP Media LLC, Manhasset, NY, www.cmp.com) Part of United Business Media, CMP is a leading integrated media company that offers a wide variety of publications and services in the information )(COMPCARE) today announced the receipt of $5.4 million related to its 1996 federal income tax return. As announced by the Company on Sept. 26, 1996, this refund represents the Company's carryback of losses as described in Section 172(f) of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . The Company also announced the filing of an amended exchange offer (Form 13E-4) and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with to the Securities and Exchange Commission (SEC) related to the Company's 7 1/2% Convertible Subordinated Debentures. Such filings are pending final SEC review and approval. The terms of the exchange offer are that for each $1,000 in debenture principal, the bondholder will receive $500 in cash and 16 shares of the Company's common stock, and, in lieu of accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , the holder will receive $80 plus eight additional shares of the Company's common stock. In connection with these filings, the Company stated that it expects to report a loss for the first quarter of fiscal 1997 comparable to the loss reported for the fourth quarter of fiscal 1996. In addition, although the Company's cash position was $4.4 million as of May 31, 1996, such cash position as of Sept. 30, 1996 was $2.8 million. CompCare provides care and care coordination care coordination Managed care 1. The brokering of services for Pts to ensure that needs are met and services are not duplicated by the organizations involved in providing care 2. of chronic and catastrophic diseases to HMO's, hospitals, the government, and corporations on a contractual or at-risk (managed care) basis throughout the United States and its protectorates through Disease State Management products. CONTACT: Comprehensive Care Corporation Kerri Ruppert, 800/678-2273 or Coffin Investor Relations Linda Staley, 818/789-0100 |
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