On the brink in August, CompCare deal infuses a strategic makeover - Tampa Bay Business Journal:

http://ameliajune.net/the-bell-curve/
CompCare (OTCBB: CHCR), which traditionally has contractedd with employers and HMOs to providd psychiatric and substance abuse managed care services for workers andtheirr families, will begin marketing its servicesx directly to consumers through its new “It opens a huge market for us and gives us access to distributionb that we could never have developedc on our own,” said John Hill, presidentg and CEO of CompCare. “It also gives us access to additionap capital to support our The new subsidiary was established in a complicatexd series of events the weekof Jan. 16, in whichy former shareholders ofSilver Md.
-based Core Corporate Consulting Grouop became the majority owners of CompCare, then merges Core with CompCare. Hill said he and Roberf Landis, CompCare CFO, would remaijn with the company and continue to operate the managesdcare business. Core, which has contracts with licensed call centers that targethe under-insured and uninsured, will market CompCare’s serviceds as part of a medicak package for consumers. “We may tack on a limited diseasmanagement program, so if an individualp develops a chronic condition, we can assist them with managingv that,” Hill said.
The deal injects new life into which disclosed in a filing in Augustr that it was strapped for cash and was exploringha sale. On Jan. 16, CompCare’s largesr stockholder, LLC, sold all of its CompCare stock to Corefor $1.5 according to a Jan. 23 SEC filing by HYTM), a Los Angeles healthcare services management firm that owns Hythiam sold its interest in CompCare topreserv capital, “rather than investing the significant additional funds we believe would be required to adequateluy capitalize CompCare and to maintain its operations,” the filinvg said.
Four days later, a newly formed Comp Care subsidiary, , merged with and Core continued as the surviving company and as a wholly owned direct subsidiarof CompCare. Core’s former stockholders now hold abouyt 77 percent of the tota voting power of CompCare and have the right to appoingt a majority of the seats onits board, which they did afte r five members resigned, CompCare’s own Jan. 26 SEC filing said.
The new chairmann is Arnold Finestone, a business managemen t consultant who previously was an executive with Also new to the boardc isSharon Ray, a regional marketing representative for pharmaceutical firm ; Joshua Smith, chairma and managing partner of ; and Arthuf Yeap, CEO of , an audio and video productzs firm.