Comprehensive Care Corporation closed a $5 million Senior Secured Credit Facility with TCA Global Credit Master Fund (TCA). Under terms of the agreement, funds will be made available to Comprehensive Care on an as-needed basis, with the initial draw down set at $1 million.
"The Company's Pharmacy Savings Program is well underway with the Company having already retained the services of several senior sales executives; advanced its negotiations with various union leaders and union locals; signed an agreement with Blasters, Drillers and Miners Union, Local 29, with plans to 'go live' with the Company's new pharmacy program within the next two months; and, retained the services of Colonel Ramon Martinez as the new President of CompCare Pharmacy Solutions, Inc. The traction that the Company's new pharmacy program is receiving is even better than we expected. We are confident that the faster we are able to roll out the pharmacy program, the more market share we will be able to capture. We view the Credit Facility with TCA as not only an endorsement by them of the validity of our pharmacy program, but also reflective of their belief in management's ability to execute. We very much appreciate this level of support and are confident in our ability to justify TCA's and our investors belief in us," said Clark A. Marcus, Chairman and CEO of CompCare.
"TCA Global Credit Master Fund provides financing to listed companies and private entities to assist them in their growth and allow them to take advantage of the opportunities in their sector," said Donna Silverman, Managing Director of TCA Fund Management Group. "We had a number of preliminary talks with CompCare's management team and were initially intrigued by their unique approach towards reducing the ever-rising pharmacy costs in healthcare. We look forward to working with CompCare and watching our financial assistance move them forward in maturing their Pharmacy Savings Program to the greatest extent possible."
TCA Fund Management Group manages the TCA Global Credit Master Fund and acts as an advisor to countless small companies from its offices in the United States, United Kingdom, and Australia.
Established 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.