ATLANTA, Oct. 14, 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 the appointment to the Board of
Directors of Thomas W. Knaup, a
proven leader with more than 30 years of experience, and
Allan J. Rimland, AdCare's President
and Chief Financial Officer.
As an independent director, Mr. Knaup will bring to AdCare
consulting expertise with a broad spectrum of clients ranging from
small-cap to Fortune 50 companies. Mr. Knaup was employed for
approximately 12 years with Aon, California (a division of Aon Corporation), a
global professional services firm specializing in risk management,
insurance and reinsurance brokerage, where he held positions of
increasing responsibility, including Senior Vice President.
Previously, he served in a variety of executive roles with senior
management responsibilities at Alexander & Alexander, Emmett
& Chandler, Near North and Warren
McVeigh Griffin. In addition, Mr. Knaup has a wealth of
mergers and acquisitions and financial experience. He holds a
Bachelor of Science in Geology and a Master of Business
Administration with a concentration in Finance and Accounting, both
from the University of California, Los
Angeles.
"Tom is a proven executive leader with more than 25 years of
expertise in the insurance and risk management sectors, as well as
finance and M&A experience with a wide range of companies,"
commented Bill McBride, AdCare's
Chairman and Chief Executive Officer. "I have known and worked with
Tom for over 25 years through our involvement with other companies
in the long-term care industry. I believe Tom's senior level
business expertise, coupled with his knowledge and relationships in
the long-term care industry, will be valuable to the Board of
Directors and senior management as we take actions to grow and
further diversify our portfolio through acquisitions."
Mr. Rimland has served as AdCare's President and Chief Financial
Officer since April of 2015. He has over 20 years of healthcare
services investment banking experience, including positions with
leading bulge bracket and mid-sized investment banks. Rimland
joined AdCare from Stephens Inc. where he served as Managing
Director in the Healthcare Group, focusing on healthcare services
companies.
"The appointment of Tom, as well as Allan, reflect the evolution
of our Board to an experienced group with skills and expertise
in-line with our needs going forward," continued Mr. McBride.
"Tom's input and objective counsel have already been of valuable
assistance to me in implementing the strategic transition of our
company. Allan has been instrumental in helping us navigate this
transition. We believe our board now includes greater experience in
the management of a rapidly growing real estate property and
holding and leasing company, with particular expertise in M&A,
financing and risk management."
Mr. Knaup added, "I believe AdCare is well positioned to further
enhance and expand its portfolio of properties. I look forward to
working with the Board of Directors and management team to help
achieve the company's strategic goals."
Christopher Brogdon has notified
the Company that he is resigning from the Board, effective at the
2015 Annual Meeting of Shareholders. In addition,
Philip Radcliffe, a current
independent board member, has decided to retire from the Board upon
the expiration of his term at the 2015 Annual Meeting of
Shareholders.
"On behalf of my fellow members of the board, I want to thank
Chris and Phil for their years of service and leadership," added
McBride. "Both have been valuable assets to our company and
extremely supportive of our transition to a healthcare property
holding and leasing company. We wish both Chris and Phil well in
their future endeavors."
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 39 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/adcare-appoints-thomas-w-knaup-and-allan-j-rimland-to-board-of-directors-300159216.html
SOURCE AdCare Health Systems, Inc.