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AdCare Health Systems developed the assisted living facility on threeacres of land in a farming community located in northwest Ohio approximatelyten years ago. The single-story property design created two separate"neighborhoods" of which each "neighborhood" contains 15 residential bedroomsarranged around community living spaces that include family kitchen, dining,laundry, parlor and hearth living rooms. These separate "neighborhood" areasare connected by a large interior atrium where residents can meet and engagein social activities. The Van Wert property is large enough to allow for theexpansion of additional units.
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The equity to develop the property was provided by AdCare and some of theCompany's shareholders over ten years ago. On November 18, 2008, the Companyacquired the remaining ownership of the property for approximately $800,000 incash and $141,000 of two year notes.
David A. Tenwick, Chairman of AdCare, stated that "the Van Wertacquisition is another example of AdCare's strategy in gaining all interestsof the Company's long term care facilities that are currently jointly owned bypartners. Our next step is to refinance the Van Wert property and takeadvantage of more favorable financing terms."
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. (NYSE Alternext US: ADK) develops, owns andmanages assisted living facilities, nursing homes and retirement communitiesand provides home health care services. Prior to becoming a publicly tradedcompany in November of 2006, AdCare operated as a private company for 18years. AdCare's 920 employees provide high-quality care for patients andresidents residing in the 16 facilities that they manage, seven of which areassisted living facilities, six skilled nursing centers and three independentsenior living communities. The Company has ownership interests in eight ofthose facilities. In the ever expanding marketplace of long term care,AdCare's mission is to provide quality healthcare services to the elderly.
Safe Harbor Statement
Statements contained in this press release that are not historical factsmay be forward-looking statements within the meaning of federal law. Suchforward-looking statements reflect management's beliefs and assumptions andare based on information currently available to management. The forward-looking statements involve known and unknown risks, results, performance orachievements of the Company to differ materially from those expressed orimplied in such statements. Such factors are identified in the public filingsmade by the Company with the Securities and Exchange Commission and includethe Company's ability to secure lines of credit and/or an acquisition creditfacility, find suitable acquisition properties at favorable terms, changes inthe health care industry because of political and economic influences, changesin regulations governing the industry, changes in reimbursement levelsincluding those under the Medicare and Medicaid programs and changes in thecompetitive marketplace. There can be no assurance that such factors or otherfactors will not affect the accuracy of such forward-looking statements.
SOURCE AdCare Health Systems, Inc.
