AdCare Health Systems Adds Michael Fox to Board of Directors
Founder and Portfolio Manager, Park City Capital, Former Analyst at J.P.Morgan, Brings Financial and Investment Community Expertise to Board
ATLANTA, Oct. 2, 2013 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PA) a leading long-term care provider, today announced that Michael Fox, the founder and portfolio manager of Park City Capital, LLC, a value-oriented investment management firm located in Dallas, Texas has been named to AdCare's Board of Directors.
Mr. Fox brings more than a decade of investment and equity analysis expertise to the Board. He founded Park City Capital, which manages private investment funds exclusively for qualified individuals, family offices and institutional investors, in 2008 and Mr. Fox has managed the firm's investments since. Prior to that, Mr. Fox spent eight years in equity research at J.P.Morgan in New York where he served as Vice President and Senior Business Services Analyst and headed the firm's Business Services equity research group from 2005 to 2008. From 2000 to 2005, Mr. Fox was a member of J.P.Morgan's Leisure equity research group, which was consistently recognized by Institutional Investor's All America Research Team. Mr. Fox received a BBA in Finance from Texas Christian University.
"Michael Fox brings proven expertise and the perspective of a shareholder to our Board, and we enthusiastically welcome his contributions to AdCare," commented Mr. David A. Tenwick, AdCare's founder and Chairman. "The management and Board of AdCare is committed to unlocking shareholder value, and I believe Mr. Fox will help us achieve this important goal."
Boyd Gentry, AdCare's Chief Executive Officer, added, "AdCare's relationship with Mike dates back to 2010 when his fund made its first investment, and today his funds own 5% of AdCare's outstanding shares. I welcome him to our board and look forward to benefitting from his perspective and strategic input."
Mr. Fox added, "I believe AdCare is at a defining moment in time and I am pleased to join the Board to help the Company create sustainable shareholder value."
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PA) is a recognized provider of senior living and health care facility management. AdCare owns and manages, long-term care facilities and retirement communities, and since the Company's inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. 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. 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 and include, among others, AdCare's ability to secure lines of credit and/or an acquisition credit facility, AdCare's ability to refinance its current debt on more favorable terms, AdCare's ability to expand its borrowing arrangement with certain existing lenders, AdCare's ability to raise equity capital, AdCare's ability to improve operating results, changes in the health care industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. 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.
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