TAMPA, Fla., May 13, 2013 /PRNewswire/ -- Comprehensive Care Corporation ("CompCare") (OTC BB: CHCR), a leading behavioral health, substance abuse and pharmacy management services provider for employers, Taft-Hartley health and welfare Funds, and managed care companies throughout the U.S., today announced the signing of a Pharmacy Savings Management Agreement with Utica City School District ("UticaCSD").
"We are delighted to be working with the UticaCSD and pleased that this relationship came about as a result of their healthcare consultant selecting CompCare to provide our Pharmacy Savings Program to them. We believe that our selection by their consultant provides us with a strong measurement of how much traction and momentum our program is receiving. We have found that our commitment to not only save our clients material sums of money on their pharmacy spend, but to back up that commitment with a performance bond resonates well with union and management leadership alike, especially at a time when everyone is being particularly careful about how they spend their money. Our Pharmacy Savings Program provides our clients with the ability to materially reduce their Pharmacy spend from prior years. Through our Behavior Health/Wellness Program, we also provide our clients with the ability to generally improve the overall health of their members/employees. Less cost and a healthier population – a much needed real result of our program," said Clark A. Marcus, Chairman and CEO of CompCare.
"As healthcare consultant to the UticaCSD, I recommended they switch their pharmacy vendor to CompCare's Pharmacy Savings Program, which will guarantee them a savings of at least 10% over their current pharmacy expense. They were absolutely delighted to make this switch indicating that CompCare's guaranteed savings will help them in their efforts to retain their teachers, which is the best reason they can think of for transferring their pharmacy management business to CompCare. It is for this reason that I intend to recommend the CompCare Pharmacy Savings Program to all of my clients. The 10% guaranteed savings is significant to my clients and their members and, in some cases, could make all the difference between increasing or not needing to increase their local dues," said John S. Argiro of Upstate Financial Services. Mr. Argiro also serves as a special pharmacy consultant to the Company.
About CompCareEstablished in 1969, CompCare provides behavioral health, substance abuse and pharmacy management services for employers, Taft-Hartley health and welfare Funds, and 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. 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 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 CompCare's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, the ability of CompCare to maximize its market share with new pharmacy initiatives, the ability of CompCare's new pharmacy cost-savings program to guarantee a reduction in pharmacy costs, the ability of CompCare's pharmacy cost-savings program to revolutionize the pharmacy sector of the healthcare industry, CompCare's ability to increase its business and margins as a result of implementing its pharmacy cost-savings program, CompCare's ability to obtain a performance bond on satisfactory terms, the ability of CompCare to launch the pharmacy savings management program for Utica City School District by September 1, 2013, the ability of CompCare and its staff to execute its business plan, the ability of CompCare to offer and sell any of its products at a profit, changes in local, regional, and national economic and political conditions, the effect of governmental regulation, competitive market conditions, varying trends in member pharmacy utilization, our ability to manage healthcare operating expenses, our ability to achieve expected results from new business, the profitability, if any, from capitated pharmacy contracts or other products, increases or variations in cost of care, seasonality, CompCare'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 are available on its website at www.sec.gov. Any forward- looking statement in this release speaks only as of the date on which it is made. CompCare assumes no obligation to update or revise any forward-looking statements.
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