SPRINGFIELD, Ohio, Dec. 5 /PRNewswire-FirstCall/ -- AdCare Health Systems, Inc. (NYSE Alternext US: ADK), an Ohio based long term care, home health care and management company, announced today the completion of the acquisition of a 30-unit assisted living facility located in Van Wert, Ohio.
AdCare Health Systems developed the assisted living facility on three acres of land in a farming community located in northwest Ohio approximately ten years ago. The single-story property design created two separate "neighborhoods" of which each "neighborhood" contains 15 residential bedrooms arranged around community living spaces that include family kitchen, dining, laundry, parlor and hearth living rooms. These separate "neighborhood" areas are connected by a large interior atrium where residents can meet and engage in social activities. The Van Wert property is large enough to allow for the expansion of additional units.
The equity to develop the property was provided by AdCare and some of the Company's shareholders over ten years ago. On November 18, 2008, the Company acquired the remaining ownership of the property for approximately $800,000 in cash and $141,000 of two year notes.
David A. Tenwick, Chairman of AdCare, stated that "the Van Wert acquisition is another example of AdCare's strategy in gaining all interests of the Company's long term care facilities that are currently jointly owned by partners. Our next step is to refinance the Van Wert property and take advantage of more favorable financing terms."
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. (NYSE Alternext US: ADK) develops, owns and manages assisted living facilities, nursing homes and retirement communities and provides home health care services. Prior to becoming a publicly traded company in November of 2006, AdCare operated as a private company for 18 years. AdCare's 920 employees provide high-quality care for patients and residents residing in the 16 facilities that they manage, seven of which are assisted living facilities, six skilled nursing centers and three independent senior living communities. The Company has ownership interests in eight of those facilities. In the ever expanding marketplace of long term care, AdCare's mission is to provide quality healthcare services to the elderly.
Safe Harbor Statement
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such forward-looking statements reflect management's beliefs and assumptions and are based on information currently available to management. The forward- looking statements involve known and unknown risks, results, performance or achievements of the Company to differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by the Company with the Securities and Exchange Commission and include the Company's ability to secure lines of credit and/or an acquisition credit facility, find suitable acquisition properties at favorable terms, changes in the health care industry because of political and economic influences, changes in regulations governing the industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.
SOURCE AdCare Health Systems, Inc.
