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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/adcare-reaches-settlement-agreement-on-arkansas-matter-300196619.html
SOURCE AdCare Health Systems, Inc.