Attached files
| file | filename |
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| 8-K - CORECARE SYSTEMS, INC. FORM 8-K - CORECARE SYSTEMS INC | corecare8k.htm |
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FOR IMMEDIATE RELEASE
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CONTACT
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July
1, 2010
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Rose
S. DiOttavio
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President
& CEO
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215-471-2358
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CORECARE
SYSTEMS, INC. (Symbol: CRCS)
ANNOUNCES
SUBSIDIARY NEWS AND FILES 8K
On July 1, 2010 Kirkbride Realty
Corporation, a wholly owned subsidiary of CoreCare Systems, Inc, sold 4 acres of
its 20 acre Campus to Children’s Hospital of Philadelphia for
$2,300,000. All proceeds went to satisfy certain property lien
holders including Kennedy Funding, Inc., and other subordinate lien holders
including the City of Philadelphia.
Concerning its other wholly owned
subsidiaries, Westmeade Healthcare, Inc., has ceased operations of its 34 bed
Adolescent Residential Treatment Program on June 23, 2010 due to inefficient
occupancy levels. In November 2009 Kirkbride Center, also experienced
census volatility which led to a 6 bed licensure reduction in it’s Chemical
Dependency Program. Recently however due to continual high census
demands, the Chemical Dependency Program has been expanded on May 21, 2010 from
118 to 154 Detox and Rehab Beds.
The
Corporate Office of CoreCare Systems, Inc is located at the Blackwell Human
Services Campus, 111 North 49th
Street, Philadelphia, PA 19139. The Corporate Office can
be reached at 215-471-2358. Information on the Company can be
accessed at its web site, www.kirkbridecenter.com.
Note:This release and oral statements
made from time to time by Company representatives concerning the same subject
matter may contain so-called “forward-looking statements.” These statements can
be identified by introductory words such as “expects,” “anticipates,” “plans,”
“will,” “estimates,” “forecasts,” “projects,” or words of similar meaning and by
the fact that they do not relate strictly to historical or current facts.
Forward-looking statements frequently are used in discussing new or proposed
products or services, or future performance. Forward looking statements are
often based upon assumptions of future facts or circumstances outside of the
Company’s control. Many factors may cause actual results to differ from
forward-looking statements including inaccurate assumptions and a broad variety
of risks and uncertainties, some of which are known and others of which are not.
No forward-looking statement is a guarantee of future results or events, and one
should avoid placing undue reliance on such statements. In particular,
engagement of an investment banker should not be taken as a prediction that any
type of transaction will occur.