ATLANTA, May 1, 2013 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK) (the "Company") announced today that Ronald W. Fleming will join AdCare's senior management team as Chief Financial Officer, effective May 15, 2013. Mr. Fleming, a certified public accountant, has over 25 years' experience as a seasoned healthcare financial executive.
Most recently Mr. Fleming held the position of CFO for the largest oncology physician practice in Georgia with over 25 locations, 45 physicians, and annualized revenue approximating that of AdCare. Prior to that, he was CFO of a skilled nursing startup that grew from $15 million to over $100 million through acquisitions in less than one year. The bulk of Mr. Fleming's experience was as Vice President, Controller and Chief Accounting Officer of Mariner Health Care, Inc. and its predecessors, which at the time was a publicly held post-acute provider with over 400 long-term care facilities, 175 rehabilitation clinics, 40 long term care pharmacy branches and 1,200 therapy service contracts in 45 states.
"We are pleased to welcome Ron, a financial executive with deep experience and talent, to the Company," said Boyd P. Gentry, AdCare's Chief Executive Officer. "In his career, he has created and led financial organizations in rapidly growing multi-location, multi-state operations, including the successful integration of acquisitions. His background includes initial public offerings, financial reporting, mergers and acquisitions, and he has experience interfacing with board members, investors, and debt holders. His expertise will serve AdCare well at this important inflection point in the Company's growth initiatives."
Mr. Fleming commented, "I am excited to join AdCare Health Systems; it has built a compelling business model in a rapidly consolidating industry -- one that I understand quite well -- and I look forward to sharing my background and experience with the senior management team and the Board of Directors as we work to create lasting shareholder value."
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. 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
This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with regard to the Company's future expectations and prospects. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. Factors that can affect future results are discussed in the documents filed by the Company from time to time with the Securities and Exchange Commission. Except where required by law, the Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date of this press release.
SOURCE AdCare Health Systems, Inc.