Navigation Links
AdCare Health Systems, Inc. Acquires Remaining Ownership in Van Wert Assisted Living Property

SPRINGFIELD, Ohio, Dec. 5 /PRNewswire-FirstCall/ -- AdCare Health Systems, Inc. (NYSE Alternext US: ADK), an Ohio based long term care, home health care and management company, announced today the completion of the acquisition of a 30-unit assisted living facility located in Van Wert, Ohio.

AdCare Health Systems developed the assisted living facility on three acres of land in a farming community located in northwest Ohio approximately ten years ago. The single-story property design created two separate "neighborhoods" of which each "neighborhood" contains 15 residential bedrooms arranged around community living spaces that include family kitchen, dining, laundry, parlor and hearth living rooms. These separate "neighborhood" areas are connected by a large interior atrium where residents can meet and engage in social activities. The Van Wert property is large enough to allow for the expansion of additional units.

The equity to develop the property was provided by AdCare and some of the Company's shareholders over ten years ago. On November 18, 2008, the Company acquired the remaining ownership of the property for approximately $800,000 in cash and $141,000 of two year notes.

David A. Tenwick, Chairman of AdCare, stated that "the Van Wert acquisition is another example of AdCare's strategy in gaining all interests of the Company's long term care facilities that are currently jointly owned by partners. Our next step is to refinance the Van Wert property and take advantage of more favorable financing terms."

About AdCare Health Systems, Inc.

AdCare Health Systems, Inc. (NYSE Alternext US: ADK) develops, owns and manages assisted living facilities, nursing homes and retirement communities and provides home health care services. Prior to becoming a publicly traded company in November of 2006, AdCare operated as a private company for 18 years. AdCare's 920 employees provide high-quality care for patients and residents residing in the 16 facilities that they manage, seven of which are assisted living facilities, six skilled nursing centers and three independent senior living communities. The Company has ownership interests in eight of those 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 facts may be forward-looking statements within the meaning of federal law. Such forward-looking statements reflect management's beliefs and assumptions and are based on information currently available to management. The forward- looking statements involve known and unknown risks, results, performance or achievements of the Company to differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by the Company with the Securities and Exchange Commission and include the Company's ability to secure lines of credit and/or an acquisition credit facility, find suitable acquisition properties at favorable terms, changes in the health care industry because of political and economic influences, changes in regulations governing the industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.

SOURCE AdCare Health Systems, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. AdCare Health Systems, Inc. Reports Discontinuation of Definitive Merger Agreement with Family Home Health Services, Inc.
2. AdCare Health Systems, Inc. Announces 2007 Third Quarter Earnings Release and Conference Call Schedule
3. AdCare Announces the Refinancing of a Nursing Home in Ohio
4. AdCare Health Systems, Inc. Reports Financial Results for 2007
5. AdCare Health Systems, Inc. Announces the Refinancing of Three Assisted Living Properties in Ohio
6. AdCare Health Systems, Inc. Announces the Refinancing of a Nursing Home in Ohio
7. Penn study finds pro-death proteins required to regulate healthy immune function
8. UCLA researchers identify markers that may predict diabetes in still-healthy people
9. Air pollution linked to cardiovascular risk indices in healthy young adults
10. More proof needed of safety and quality of electronic personal health records
11. Health care incentive model offers collaborative approach
Post Your Comments:
(Date:11/27/2015)... ... November 27, 2015 , ... Lizzie’s Lice Pickers just announced a special promotion ... off of their purchase of lice treatment product. In addition, customers will receive a ... company spokesperson. “Finding lice is a sure way to ruin the holidays, so we ...
(Date:11/27/2015)... ... November 27, 2015 , ... ... Microsoft Dynamics SL User Group (MSDSLUG). Recognized as Microsoft’s official group for end ... Microsoft Dynamics SL software users, partners, industry experts and representatives. Intellitec Solutions’ membership ...
(Date:11/27/2015)... ... November 27, 2015 , ... The men and women ... healthcare organizations in the country. They have overseen financial turnarounds, shown commitment to ... the healthcare industry as a whole through their advocacy and professional efforts. , ...
(Date:11/26/2015)... ... 2015 , ... Inevitably when people think Thanksgiving, they also think Holiday sales ... Black Friday and Cyber Monday massage chair sales to receive the best ... low to find the best massage chair deals, they can see all of the ...
(Date:11/26/2015)... ... ... PRMA Plastic Surgery is updating their record books yet again with an ... breast reconstruction surgery! , “What an accomplishment for the PRMA team, says Dr. ... an honor to have served all of these women.” , PRMA is one of ...
Breaking Medicine News(10 mins):
(Date:11/25/2015)... Nov. 25, 2015 AAIPharma Services Corp./Cambridge ... of at least $15.8  Million to expand its ... NC . The expansion will provide additional ... the growing demands of the pharmaceutical and biotechnology ... expansion will provide up to 40,000 square feet ...
(Date:11/25/2015)... , Nov. 25, 2015  ARKRAY ... products, continues to provide evidence demonstrating the accuracy of ... World Congress on Insulin Resistance, Diabetes and Cardiovascular Disease ... that both the Company,s GLUCOCARD ® 01 meter ... high accuracy requirements. The ability to accurately measure glucose ...
(Date:11/25/2015)... , November 25, 2015 ... KTOV ) (TASE: KTOV), a biopharmaceutical company focused on ... of various clinical conditions, today announced the closing of ... Depository Shares ( ADSs ), each representing 20 ordinary ... to 3,158,900 ADSs. The ADSs and warrants were issued ...
Breaking Medicine Technology: