ATLANTA, May 30, 2014 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a leading long-term care provider, today announced that Boyd P. Gentry has stepped down as AdCare's Chief Executive Officer and President and as a member of AdCare's Board of Directors, effective June 1, 2014. Mr. Gentry will serve as a consultant to AdCare through August 31, 2014. David A. Tenwick, Chairman of the Board of Directors, will serve as AdCare's Interim Chief Executive Officer and President.
"On behalf of the Board, we would like to thank Boyd for his contributions and leadership over the past several years and wish him the best in his future endeavors. I look forward to working closely with our Board during this period of transition to take purposeful steps to drive shareholder value," said Mr. Tenwick.
"We are fortunate to have a person of Dave Tenwick's experience to step into the role of Interim Chief Executive Officer. As a founder and former Chief Executive Officer of AdCare and its current Chairman of the Board, Dave has an intimate knowledge of the Company and deep relationships in the industry," stated Christopher F. Brogdon, Vice Chairman of the Board of Directors.
"The Board is fully committed to maximizing shareholder value and has initiated a process to explore and evaluate a broad range of strategic alternatives in furtherance of this objective," concluded Mr. Brogdon.
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.
Chief Financial Officer
AdCare Health Systems, Inc.
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SOURCE AdCare Health Systems, Inc.