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Advocat Inc.
Advocat Announces Agreement for Replacement Facility
April 4th, 2008
Advocat Inc. (NASDAQ: AVCA) announced it has entered into an agreement with Sterling Acquisition Corp., a wholly-owned subsidiary of Omega Healthcare Investors ("Omega," together with its subsidiaries), to build and lease a new, 119 bed skilled nursing center in Paris, Texas, replacing an older facility the Company currently leases from Omega. In November 2007, the Company entered into a short-term, single facility lease with Omega for an existing 102 bed skilled nursing center in Paris, Texas, and undertook an evaluation of the feasibility of entering into an agreement with Omega for the construction of a replacement facility. On March 14, 2008, the Company entered...
Source: Health Business Week (2008-04-04)
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