Healthcare Corporation of America Announces Going Dark
Denville, New Jersey (PRWEB) July 25, 2014 -- Healthcare Corporation of America (OTCQB: HCCA) announced today that it filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Act"). The Company is eligible to deregister its common stock by filing a Form 15 under Section 12(g) of the Act because the Company currently has fewer than 300 holders of record of its securities. The Company expects that its obligation to file periodic reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, under Section 13(a) of the Act will be suspended upon the filing of the Form 15. The deregistration under Section 12(g) of the Act is expected to be effective 90 days after the filing of the Form 15 at which time the Company’s other filing requirements under Section 13(a) of the Act will terminate.
The Company’s common stock is currently traded on the OTCQB, operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter securities. The Company expects that its common stock will continue to be quoted on the OTCQB until its periodic reporting obligations under Section 15(d) of the Act are suspended, at which time the Company anticipates its common stock will be traded on OTC Pink Market, so long as market makers demonstrate an interest in trading in the Company's common stock. However, there is no assurance that trading in the Company's common stock will continue on the OTC Pink Market or on any other securities exchange or quotation medium.
The decision of the Company's Board of Directors to deregister its common stock was based on the consideration of numerous factors, including the large costs of preparing and filing periodic reports with the SEC, the increased outside accounting, audit, legal and other costs and expenses associated with being a public company, the burdens placed on Company management to comply with reporting requirements, and the low trading volume in the Company's common stock. After deregistration of the Company’s common stock is effective and its periodic reporting requirements are suspended, the Company intends to continue to provide interim unaudited financial information and annual audited financial information to its stockholders.
Natasha Giordano, the Company’s Chief Executive Officer, commented, “These actions are designed to reduce our operating costs. The consequences of remaining an SEC-reporting company, which includes significant costs and management time associated with regulatory compliance, outweighed the current benefits of being a publicly reporting company.”
About the Company
Based in Denville, N.J., Healthcare Corporation of America's (HCCA) mission is to reduce prescription drug costs for clients while improving the quality of care for its members and their families. The Company is an industry leader that offers comprehensive Pharmacy Benefit Management (PBM) services to employers, unions, and third party administrators. The Company also provides innovative, proprietary 340BasicsSM software and turnkey solutions that enable real-time eligibility processing to help covered entities and hospitals improve their capture rate and manage all processes related to the Federal 340B Drug Discount Program. The Company’s deep industry expertise, unique clinical programs and innovative software and services facilitate our intensive auditing capabilities for both PBM and 340B programs for maximum financial savings, compliance, as well as improved quality of care for its clients and members. To learn more, visit http://www.hccarx.com.
Forward-looking Statement
Certain information and statements contained in this news release are forward-looking statements. These forward-looking statements can be generally identified as such because they include future tense or dates, are not historical or current facts, or include words such as “believe,” “may,” “expect,” “intend,” “plan,” “anticipate,” or words of similar import. Forward-looking statements express management’s current expectations or forecasts of future events or outcomes, but are not guarantees of performance or outcomes and are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those in such statements.
HCCA does not undertake any obligation to update or revise publicly any forward-looking statements to reflect information, events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Contact:
Scott Weeber, (973) 983-6300
Yoav M Cohen, HCCA, +1 (914) 720-5555, [email protected]
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