ATLANTA, Nov. 12, 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 its Board of Directors has authorized
the repurchase of up to 500,000 shares of its outstanding common
stock over the next 12 months. The company currently has
approximately 19.9 million shares of common stock outstanding.
The share repurchases may be made from time to time through open
market transactions, block trades or privately negotiated
transactions and are subject to market conditions, as well as
corporate, regulatory and other considerations.
"This share repurchase program authorization reinforces our
commitment to both maximize shareholder value and return capital to
our shareholders," stated Bill
McBride, AdCare's Chairman and Chief Executive Officer. "The
authorization provides a mechanism for the company to efficiently
deploy cash in consideration of market conditions."
This share repurchase program may be suspended or discontinued
at any time by the Board of Directors, without prior notice, and
the company has no obligation to repurchase any amount of its
common stock under the program. The company intends to make all
repurchases in compliance with applicable regulatory guidelines and
to administer the plan in accordance with applicable laws,
including Rule 10b-18 of the Securities Exchange Act of 1934, as
amended. Any repurchases are expected to be funded from cash on
hand and cash flows from operating activities.
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. Statements in this press
release that are forward-looking include, among other things,
statements regarding the share repurchase program, the return of
capital to shareholders and the deployment of cash. 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.
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SOURCE AdCare Health Systems, Inc.