Sunday, August 07, 2005
New York Health Care (BACL)
OUR MISSION IS TO PROVIDE COMPREHENSIVE, COST-EFFECTIVE AND COMPETITIVELY- PRICED QUALITY HOME CARE SERVICES, THAT CAN ALLOW PATIENTS TO REMAIN AT HOME, IN THEIR COMMUNITIES.That's a crappy mission statement. Allow me to re-write it for you:
When you need it, your doctor's office is inside your home. Like the old days, we make house calls.Notified of de-listing on Jan 04, de-listed in April 04. Subsidiary's (BioBalance) then-president and BACL Director was indicted.
The 10-K defines the "Company" as New York Health Care, Inc. and its subsidiaries. Later they say:
On July 15, 2004, the Company executed a definitive agreement (the "Purchase Agreement") for the sale of the assets of its home healthcare business to New York Health Care, LLC (the "LLC") a company controlled by Messrs. Jerry Braun ("Braun") and Jacob Rosenberg ("Rosenberg"), who at the time were the Company's chief executive officer and chief operating officer, for consideration of $2.7 million in cash [actual price on 5/23/05 was $3 million], the assumption of all of the liabilities and obligations with respect to the home healthcare business and the forgiveness of certain future obligations that may be due to these individuals pursuant to employment agreements each of them has with the Company.The company then raised nearly $5 million selling stock and warrants to private investors. So the company is getting a net $8 million which will be used to "support BioBalance's operations including research and development, clinical trials and working capital." Plus "a $1.7 million loan from the Company to BioBalance was repaid from the proceeds of the Offering."
BioBalance views the human intestines as a sort of ranch for bacteria and their products are basically the introduction of lots of friendly, good bacteria. Balance.
It might be good, I don't know. I'm not investing in it.
UPDATE: Stop following