TAMPA, Florida, May 30, 2012 /PRNewswire/ -- Comprehensive Care
Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral
health, substance abuse and psychotropic pharmacy management
services provider for managed care companies throughout the U.S.,
today announced that it has undertaken significant steps that
it believes will further reduce its overhead as part of a
continuing program to increase margins and obtain sustainable
profitability.
"Starting the process in the first quarter of this year, the
Company thus far has reduced its monthly general and administrative
expenses by approximately 12 percent. We expect to be able to
implement further cost-saving measures over the coming months,"
said Robert Kulbick, President.
"As our pharmacy management program gains traction, we
anticipate additional organic growth with higher profit
margins. We believe our program is the only one in the
industry that provides a guarantee for our clients' future pharmacy
spend at a rate less than their previous years' expenditures," said
Mr. Kulbick.
"While our emphasis for the rest of this year will be on sales
of our pharmacy management program, our pipeline for our behavioral
health business also remains strong. We intend to be
disciplined with each dollar spent in pursuing a viable business
strategy, with each expenditure carefully weighed, which we expect
to lead to positive results," Mr. Kulbick concluded.
About CompCare:
Established in 1969, CompCare provides behavioral health,
substance abuse and psychotropic pharmacy management services for
managed care companies throughout the
United States. Headquartered in Tampa, Florida, CompCare focuses on
personalized attention, flexibility, a commitment to high-quality
services and innovative approaches to behavioral health that
address both the specific needs of clients and changing healthcare
industry demands. The Company's recently filed 10-Q is available at
www.sec.gov. For more information, please call 813-288-4808
or visit our website at www.compcare.com .
Forward-Looking Statements
Except for statements of historical fact, the matters discussed
in this press release, including but not limited to our ability to
increase margins and to obtain sustainable profitability, our
ability to reduce overhead and implement further cost savings, our
ability to further improve the Company's performance, the outcome
of our business strategy and our ability to expand our pharmacy
management program with higher profit margins are forward looking
and made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect numerous assumptions and involve a variety of
risks and uncertainties, many of which are beyond the company's
control that may cause actual results to differ materially from
stated expectations. These risk factors include, among others,
changes in local, regional, and national economic and political
conditions, the effect of governmental regulation, competitive
market conditions, varying trends in member utilization, our
ability to manage healthcare operating expenses, our ability to
achieve expected results from new and existing business, our
ability to expand and manage our provider network, the
profitability, if any, of our recently acquired or previously
existing capitated contracts, the costs incurred in seeking new
contracts, the loss or termination of any existing contract,
increases or variations in cost of care, seasonality, the Company's
ability to obtain additional financing, and additional risk factors
as discussed in the reports filed by the Company with the
Securities and Exchange Commission, which is available on its
website at www.sec.gov.
Investor Contacts:
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
949.707.5365
SOURCE Comprehensive Care Corporation