DENVER, March 7, 2000 (PRIMEZONE) -- Denver Coram Healthcare Corporation (OTC:CRHE) announced that effective today its stock is trading on the National Association of Securities Dealers' Over-the-Counter (OTC) market under the symbol CRHE. The Company's former symbol was CRH. The Company expects to be listed on the OTC Bulletin Board within the next few days.
As previously announced, Coram's stock was suspended from the New York Stock Exchange ("NYSE") because the Company does not comply with the NYSE requirement of at least $50 million in stockholders' equity, $50 million in market capitalization and a stock price of $1.
"We believe the strategic repositioning we are undertaking with new leadership is beginning to make a positive difference in the performance of the Company," said Daniel D. Crowley, Chairman, President and Chief Executive Officer of Coram. "However, we could not provide the NYSE with the necessary assurance that we would meet the listing criteria within the 18-month timeframe allowed."
Mr. Crowley added: "We are focusing on improving the fundamentals of Coram as well as exploring alternatives for addressing its highly leveraged capital structure in order to secure a brighter and more stable future for the Company."
Denver-based Coram Healthcare, through its subsidiaries, is a national leader in providing quality home infusion therapies. Company subsidiaries also provide support for clinical trials, medical product development and medical informatics, as well as specialty pharmacy benefit management and mail order services.
Note: Except for historical information, all other statements in this press release are "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results may vary materially from these forward-looking statements due to important risk factors including the Company's history of operating losses and uncertainties associated with future operating results; significant outstanding indebtedness; equity conversion rights held by existing debt holders; limited liquidity; reimbursement-related risks; shifts in the mix of parties that pay for the Company's services; dependence upon relationships with third parties; uncertain future liabilities under capitation arrangements; timing of or ability to complete acquisitions; government regulation of the home health care industry and the Company's ability in the future to comply; certain legal proceedings, including tax disputes; dependence on key personnel; potential volatility of the stock price; New York Stock Exchange listing status; the ability to execute a repositioning of the Company; and unanticipated impacts from the Year 2000 issue. Certain risk factors are described in greater detail in the Company's Form 10-K Annual Report, as amended, Form 10-Q Quarterly Reports, and Form 8-K Current Reports on file with the Securities and Exchange Commission.