FOR IMMEDIATE RELEASE CONTACT
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May 24, 2005 Thomas T. Fleming
Chairman & CEO
215-471-2358
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CORECARE SYSTEMS, INC. (Symbol: CRCS)
COMPANY FILES 8-K REPORT
ANNOUNCES APPOINTMENT OF AUDIT FIRM
AND ENGAGEMENT OF SHATTUCK HAMMOND AND LJ KAUFMAN
Philadelphia, PA - ("CRCS"): On May 24, 2005 the Company filed an 8-K Report
with the Securities and Exchange Commission announcing the appointment of its
audit firm. Effective immediately the Company has appointed Mayer Hoffman McCann
LLC as auditor for the fiscal year ended June 30, 2004 and the current fiscal
year ending June 30, 2005. The Company's most recent audited financial
statements are for the year ended December 31, 1999, and were contained in an
annual report on Form 10-KSB filed on November 28, 2000. Subsequently the
Company was non-reporting and had no audits of its financial statements. Given
the relevancy of information, the Company has focused its efforts on reporting
its current results only. Once the auditor has completed audit reports for
fiscal years ending 6/30/04 and 6/30/05, the Company intends to file its 10K
with the SEC in the Fall, 2005. The Company, then intends to continue its
periodic reporting as required.
The Company also announced that it has hired Shattuck Hammond Partners LLC,
investment bankers specializing in healthcare advisory services and healthcare
real estate, and LJ Kaufman Management Co., a boutique investment banking firm
specializing in the behavioral healthcare industry. The Company has engaged
these firms to provide strategic planning assistance to the Company and assist
the Company in obtaining new financing, refinancing existing debt, purchasers
for its assets, and advise the Company regarding other potential strategic
transactions including the potential sale or merger of all or part of the
Company.
The Corporate Office of CoreCare Systems, Inc. is located at the Blackwell Human
Services Campus, 111 North 49th Street, Philadelphia, Pa. 19139. The Corporate
Office can be reached at 215-471-2358. The Company's Web Site is
www.kirkbridecenter.com. The transfer agent for the Company is Stock Trans of
Ardmore, Pa.
Note: This release and oral statements made from time to time by Company
representatives concerning the same subject matter may contain so-called
"forward-looking statements." These statements can be identified by introductory
words such as "expects," "anticipates," "plans," "will," "estimates,"
"forecasts," "projects," or words of similar meaning and by the fact that they
do not relate strictly to historical or current facts. Forward-looking
statements frequently are used in discussing new or proposed products or
services, or future performance. Forward looking statements are often based upon
assumptions of future facts or circumstances outside of the Company's control.
Many factors may cause actual results to differ from forward-looking statements
including inaccurate assumptions and a broad variety of risks and uncertainties,
some of which are known and others of which are not. No forward-looking
statement is a guarantee of future results or events, and one should avoid
placing undue reliance on such statements. In particular, engagement of an
investment banker should not be taken as a prediction that any type of
transaction will occur.