ATLANTA, Jan. 17, 2014 /PRNewswire/-- AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a leading long-term care provider, announced today that Brent Morrison, CFA, is serving as a non-voting observer to AdCare's Board of Directors, reflecting AdCare's commitment to effective and shareholder-friendly corporate governance.
Mr. Morrison is currently the Managing Director of Zuma Capital Management LLC, a Registered Investment Advisor, a position he has held since 2012, where he manages the firm's assets by investing in undervalued small-cap companies. Prior to Zuma, Mr. Morrison was the Senior Research Analyst at the Strome Group, a private investment firm, from 2009 to 2012. Mr. Morrison was a Research Analyst at Clocktower Capital, LLC, a global long/short equity hedge fund based in Beverly Hills, Calif., from 2007 to 2009. Prior to that, he was the Vice President of Wilshire Associates, a financial consulting firm, from 1999 to 2007. Mr. Morrison received a MBA from the University of California at Los Angeles, with an emphasis in Finance and International Business, and a B.A. in Finance from the University of Colorado at Denver. Mr. Morrison is a Chartered Financial Analyst.
"We welcome the expertise that Brent brings to our board as an experienced, shareholder-friendly advocate," commented Boyd Gentry, CEO of AdCare. "Brent has experience as a board observer, having previously served as a board observer. In addition, he is familiar with AdCare as a result of our prior relationship with the Strome Group, his financial and investment background and his advocacy for creating shareholder value form a powerful combination, and we will benefit from his experience and perspective in the boardroom."
In connection with his designation as board observer, Mr. Morrison has agreed to customary confidentiality obligations with respect to any non-public information concerning AdCare furnished to him in his role as board observer.
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.