EXHIBIT 99.1
NEWS BULLETIN RE: CRDENTIA CORP.
FROM: 14114 DALLAS PARKWAY,
SUITE 600
FINANCIAL DALLAS, TX 75354
RELATIONS BOARD OTCBB: CRDE
- --------------------------------------------------------------------------------
For Further Information:
AT THE COMPANY: AT FINANCIAL RELATIONS BOARD:
James D. Durham Pamela Atherton Moira Conlon
CEO and Chairman President (310) 407-6524
972-850-0780 972-850-0780 mconlon@financialrelationsboard.com
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
CRDENTIA TO ACQUIRE ARIZONA HOME & HEALTHCARE
DALLAS - SEPTEMBER 1, 2004 - CRDENTIA CORP. (OTCBB: CRDE), a leading U.S.
provider of healthcare staffing services, today announced that it has entered
into an agreement to acquire Arizona Home & Healthcare, a per diem and private
duty healthcare staffing provider serving the Phoenix and Tucson metro market
regions.
Founded in 2000, Arizona Home & Healthcare's per diem and private duty
healthcare staffing businesses have nearly 300 nurses under contract serving a
diverse base of more than 100 Arizona based clients. The company's contracts
represent Arizona's predominant areas of medical staffing needs including
workers' compensation, hospital staffing, behavioral health, prisons,
corrections and private duty home care. Arizona Home & Healthcare will continue
to operate under the direction of founder William Campbell Crocker who has
joined Crdentia's senior management team as Senior Vice President.
"We are extremely pleased that Arizona Home & Healthcare will join the Crdentia
family," said Chairman and Chief Executive Officer James D. Durham. "The company
is very well respected in our industry and enjoys a virtually unmatched presence
in the markets it serves. William Crocker has built a premium operation that
will substantially expand our pool of staff on contract, increase our client
base in desirable markets and enhance our geographic footprint in Arizona."
Arizona Home & Healthcare founder William C. Crocker commented, "Crdentia and
Arizona Home & Healthcare have a shared vision for healthcare staffing that
marries the top line synergies of travel and per diem nursing to offer qualified
nurses and licensed professional staff better options and opportunities. We
operate in attractive, high demand markets where we will recognize immediate
competitive value through Crdentia's diverse product line. This is an exciting
opportunity to immediately enhance our position in the markets we serve through
Crdentia's strong resources and vast industry expertise."
Commenting on Crdentia's acquisition strategy, President Pamela Atherton stated,
"Our acquisition of Arizona Home & Healthcare clearly exemplifies our strategic
geographic focus on serving large, metropolitan markets with critical masses of
temporary medical staff and affluent, aging populations with strong demand for
healthcare services. Arizona's population nearly doubles during the winter when
migration to the warm desert climate is at its peak. The transitory nature of
the population coupled with the affluence of the regions surrounding Phoenix and
Tucson equates to an extremely attractive market area. Arizona Home & Healthcare
is a premiere agency with a strong, established customer base, and their
integration will add tremendous value to Crdentia's expanding network."
-more-
Arizona Home & Healthcare represents one of several acquisitions planned by
Crdentia during 2004 focusing on per diem and private duty staffing. Founded in
August 2002, Crdentia successfully integrated four acquisitions in 2003 and,
upon completion of the Arizona Home & Healthcare transaction, will staff over
500 nurses through seven domestic offices and one office in the Philippines. The
closing of the transaction, which is subject to customary closing conditions, is
expected in early September. Crdentia currently ranks among the 10 largest
healthcare staffing providers in the U.S. market.
ABOUT CRDENTIA CORP.
Crdentia Corp. is one of the nation's leading providers of healthcare staffing
services. Crdentia seeks to capitalize on an opportunity that currently exists
in the healthcare industry by targeting the critical nursing shortage issue.
There are many small, private companies that are addressing the rapidly
expanding needs of the healthcare industry. Unfortunately, due to their
relatively small capitalization, they are unable to maximize their potential,
obtain outside capital or expand. By consolidating well-run small private
companies into a larger public entity, Crdentia intends to facilitate access to
capital, the acquisition of technology, and expanded distribution that, in turn,
drive internal growth. For more information, visit www.crdentia.com.
FORWARD LOOKING STATEMENTS
Statements contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties. Among the
important factors which could cause actual results to differ materially from
those in the forward-looking statements include, but are not limited to, those
discussed in "Risk Factors" in the Company's Forms 10-KSB, Forms 10-QSB, and
other filings with the Securities and Exchange Commission. Such risk factors
include, but are not limited to, a limited operating history with no earnings;
reliance on the Company's management team, members of which have other business
interests; the ability to successfully implement the Company's business plan;
the ability to continue as a going concern; the ability to fund the Company's
business and acquisition strategy; the growth of the temporary healthcare
professional staffing business; difficulty in managing operations of acquired
businesses; uncertainty in government regulation of the healthcare industry; and
the limited public market for the Company's common stock. The actual results
that the Company achieves may differ materially from any forward-looking
statements due to such risks and uncertainties. We undertake no obligation to
revise or update publicly any forward-looking statements for any reason.
# # #
Financial Relations Board serves as financial relations counsel to this company,
is acting on the company's behalf in issuing this bulletin and receiving
compensation therefor. The information contained herein is furnished for
information purposes only and is not to be construed as an offer to buy or sell
securities.