AdCare Reaches Settlement Agreement on Arkansas Matter

Dec 23, 2015, 08:00 ET from AdCare Health Systems, Inc.

ATLANTA, Dec. 23, 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 that on December 16, 2015, the Company and other defendants in the purported class action lawsuit captioned Amy Cleveland et. al. v APH&R Nursing, LLC et. al., filed in Arkansas on March 24, 2015, reached an agreement with plaintiffs' counsel to settle the plaintiffs' claims. The settlement is subject to execution of separate settlement agreements with each of the individual plaintiffs and court approval thereof which are pending. The settlements are covered by the Company's existing insurance policies.

"Reaching an agreement in principle to settle this Arkansas lawsuit is another important step in AdCare's progress in transitioning out of its legacy business of operating long term care facilities," stated Bill McBride, AdCare's Chairman and Chief Executive Officer.

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. 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.

Company Contacts           


Investor Relations

Bill McBride                           

Allan Rimland                   

Brett Maas

Chairman and CEO             

President and CFO                 

Managing Partner

AdCare Health Systems, Inc.    

AdCare Health Systems, Inc.      

Hayden IR

Tel (404) 781-2884                  

Tel (404) 781-2885                    

Tel (646) 536-7331    

bill.mcbride@adcarehealth.com   

allan.rimland@adcarehealth.com    

brett@haydenir.com

 

SOURCE AdCare Health Systems, Inc.



RELATED LINKS

http://www.adcarehealth.com