Selway Capital Acquisition Corporation (OTC: SWCA) Closes Its Business Combination With Healthcare Corporation of America (HCCA)

NEW YORK–(BUSINESS WIRE)– Selway Capital Acquisition Corporation announces the completion of its business combination with Healthcare Corporation of America (HCCA). As a result, the combined company’s Series C common shares will begin trading on the OTC Bulletin Board under the symbol SWCAL on Thursday, April 11. In addition, the combined company’s units will be mandatorily separated into its component Series A common stock and warrants, and the combined company’s Series A common stock (including the Series A common stock underlying the units) will cease to trade and be automatically converted to Series B common stock, which will commence trading under a to be announced symbol on Thursday, April 11, 2013.

HCCA is one of the fastest growing Pharmacy Benefit Managers (PBMs) in the United States. Formed in 2008 in Denville, New Jersey, HCCA is a full-service transparent pricing pharmacy benefit management (“PBM“) company. PBMs administer prescription drug programs for employers and aggregate buying powers to gain access to lower drug pricing. A transparent PBM maximizes customer savings through full disclosure and rebate sharing. HCCA also offers a variety of additional products including mail order pharmacy services.

Yaron Eitan, President and CEO of Selway, said: “We are excited about becoming part of this unique growth story. HCCA has an innovative approach to address real issues in a large and growing market. We look forward to assisting our new Chairman and CEO, Gary Sekulski, in pursuing his ongoing growth strategy. We firmly believe that the continued implementation of that strategy will deliver superior results for our shareholders in the years to come.”

Aegis Capital Corp. acted as lead book-running manager and Chardan Capital Markets, LLC acted as co-book-running manager in Selway’s initial public offering.

Chardan acted as the sole M&A advisor to HCCA.

Business Highlights

Healthcare Corporation of America is a rapidly growing pharmacy benefit manager, or PBM. Its mission is to reduce prescription drug costs for clients while improving the quality of drug care. It administers prescription drug benefit programs for employers who contract with it in order to provide this component of healthcare benefits to their employees. A growing customer base includes commercial clients of various sizes and industries, business associations and trade groups, local government entities, labor unions, charitable and non-profit organizations, and third-party administrators of self-insured benefit plans. The business model is firmly based on price transparency and

Source: FULL ARTICLE at DailyFinance