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The parties further announced that David A. Tenwick, Adcare's Chairman,has agreed to join the Board of Directors of Family Home Health Services, Inc.
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David A. Tenwick, Chairman of AdCare, stated, "The logic of combiningAdCare and Family remains valid. We are hopeful that AdCare and Family willdevelop a closer relationship in the future, and I look forward to joiningtheir board and working with Family's management team." Mr. Tenwick added,"AdCare's management team and advisors continue their commitment toidentifying quality merger and acquisition opportunities that will add valuefor our shareholders. We are currently reviewing these various targets thatmeet our criteria, with the intent to consummate one or more transactions."
Kevin Ruark, President of Family, said, "We are, of course, disappointedby the need to terminate the merger agreement. However, we are very pleasedto welcome Dave to our Board of Directors. His unique skills and experienceswill be invaluable to the continued development and implementation of ourstrategic growth plan."
Dominick and Dominick, LLC and Capital City Partners, LLC advised theparties on the transaction.
On September 6th, 2007, AdCare closed the sale of its Marion Hearth & Homeassisted living property that was pending under a land contract to TurningPoint, a not-for-profit organization that operates as a shelter for abusedwomen. Turning Point has been occupying the property and making interestpayments to AdCare since the land contract was entered into in 2004. AdCarewill recognize a net profit of approximately $600,000 on the transaction.
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. (Amex: ADK) develops, owns and managesassisted living facilities, nursing homes and retirement communities andprovides home health care services. Prior to becoming a publicly tradedcompany in November of 2006, AdCare operated as a private company for 18years. AdCare's 850 employees provide high-quality care for patients andresidents residing in the 15 facilities that they manage, seven of which areassisted living facilities, six skilled nursing centers and two independentsenior living communities. The Company has ownership interests in seven ofthose facilities. In the ever-expanding marketplace of long-term care,AdCare's mission is to provide quality healthcare services to the elderly.
About Family Home Health Services, Inc.
Family Home Health Services, Inc. is a provider of home health careservices in the United States with a broad service offering in home healthservices and home medical care. Family provides a variety of clinicalservices and related products and supplies to patients in the states ofFlorida, Illinois and Michigan. Family has a strategic plan focused on theprovision of Medicare home health services to the senior population within itsoperating areas.
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 suc
