BREAKING: Health care headquarters moving to Indy

October 10, 2007

Arcadia Resources Inc., a publicly traded medical services firm, is expected to announce today that it is moving its headquarters to Indianapolis from the Detroit suburb of Southfield.

The relocation will start with a few jobs that average $134,000 in salary and ramp up to a total of 315 by 2009, according to a source familiar with the announcement.

Arcadia offers health care services including home care, medical and non-medical staffing, mail order pharmacy and home medical equipment.

The mail-order pharmacy unit will move to Indianapolis next year, bringing 140 jobs averaging $55,000. In 2008 or 2009, finance and administrative workers will relocate here, bringing 140 jobs averaging $55,000. In addition, Arcadia's pharmacy IT unit will move here from Milwaukee, bringing 30 positions averaging $60,000.

Gov. Mitch Daniels is expected to be on hand for the 2 p.m. news conference.

Arcadia was called Critical Home Care Inc. before a 2004 a merger with the parent of the Arcadia businesses.

Arcadia trades on the American Stock Exchange under the ticker KAD and has a $100 million market cap.

The stock closed yesterday at 80 cents per share, though it ranged near $3.50 in summer of 2006.

In its fiscal year ended March 31, the company reported revenue of $158.4 million but took a net loss of $43.8 million.

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