ATLANTA, Nov. 12, 2015 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK)(NYSE MKT: ADK.PRA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare, today announced its Board of Directors has authorized the repurchase of up to 500,000 shares of its outstanding common stock over the next 12 months. The company currently has approximately 19.9 million shares of common stock outstanding.
The share repurchases may be made from time to time through open market transactions, block trades or privately negotiated transactions and are subject to market conditions, as well as corporate, regulatory and other considerations.
"This share repurchase program authorization reinforces our commitment to both maximize shareholder value and return capital to our shareholders," stated Bill McBride, AdCare's Chairman and Chief Executive Officer. "The authorization provides a mechanism for the company to efficiently deploy cash in consideration of market conditions."
This share repurchase program may be suspended or discontinued at any time by the Board of Directors, without prior notice, and the company has no obligation to repurchase any amount of its common stock under the program. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Any repurchases are expected to be funded from cash on hand and cash flows from operating activities.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare through facility lease and sub-lease transactions. The Company currently owns, leases or manages for third parties 38 facilities. For more information about AdCare, visit www.adcarehealth.com.
Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this press release that are forward-looking include, among other things, statements regarding the share repurchase program, the return of capital to shareholders and the deployment of cash. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission, including AdCare's Annual Report on Form 10-K for the year ended December 31, 2014. There is no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
SOURCE AdCare Health Systems, Inc.