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Arcadia sells industrial staffing business

May 19, 2009

Arcadia Resources Inc. (AMEX: KAD) announced today it sold its industrial staffing business with the deal to close May 29. The buyer was Employment Plus Inc. of Bloomington IN.

The Indianapolis-based company also sold its home health equipment business in two other deals. The sales of both the industrial staffing and home health equipment businesses will generate proceeds of $11.2 million, and Arcadia may get another $1.6 million based on future performance of the industrial staffing business, according to the company

Arcadia announced it intends to focus on its medical staffing, home care and pharmacy services businesses with the sales.

The company had reported non-medical staffing revenue of $3.7 million for in its fiscal third quarter ended Dec. 31.