Complete Care Medical, Inc. (PINKSHEETS: CCMI)
Announced that trading was temporarily suspended for ten days in our
securities today as the result of an administrative action taken by the
SEC. It is the SEC's responsibility to monitor and insure the integrity of
authority given companies to trade their securities publicly. Specifically,
private companies that are now trading publicly that are doing so as the
result of a merger with a company that is or was a publicly traded company.
In that regard, an administrative action was taken today to allow the SEC,
and the companies that are identified in the action, which includes CCMI,
time to document and resolve any issues of compliance with the rules that
govern transactions such as "reverse mergers." The SEC's temporary order to
halt trading is done to protect the public from investing in securities
that may not have met all of the conditions required to be traded.
Especially, in cases where "private" companies become "public" companies
and are traded as such subsequent to a merger with a "public" company.
Lanny McCandles, CFO of Complete Care Medical, states, "We have spoken this
morning with the SEC and provided the history and details of our merger
transaction and supplied it all the relevant information and data we have
on hand to assist the Commission in whatever way we can to expedite its
review. The suspension is an administrative action taken by the SEC in the
normal course of its business and we don't object to this action. It is
part of the process of providing assurances to public that they can rely on
the trading system and on the SEC to enforce compliance with the rules even
if the matters of compliance are just matters of documentation or
confirmation of any entity's compliance with the rules that govern publicly
traded securities. That is what we believe we are dealing with in this
instance. We would always expect oversight from the SEC as a normal
consequence of doing business as a public company and it's in the best
interest of the public and our shareholders. We expect the process to take
only a short time and we will keep the public and our supporting brokers
and dealers informed as to the progress and resolution of this review as it
proceeds and concludes."
Complete Care Medical, Inc. is goal oriented to provide cost effective
direct-to-consumer medical products and services that maximize revenue
opportunities for its partners and shareholders. The company has several
divisions designated to deal with disease specific illnesses in the United
States and South America.
Through its subsidiaries, Complete Care Medical, Inc. provides patients in
all 50 states with lower cost alternatives for disease management, medical
supplies and prescription pharmaceuticals. In addition, Complete Care
Medical's discount services and medication program offers healthcare
payers, healthcare providers, healthcare professionals and patients with
easy access to utilization and compliance data in order to improve patient
outcomes and improve quality of life. Website: www.ccmedicalinc.com
Forward-Looking Statements: This press release may contain certain
forward-looking statements within the meaning of Section 27A of the
Securities and Exchange Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that
all
forward-looking statements involve risks and uncertainties.
All information in this release is as of the date of this release. The
Company undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
