AdCare Health Systems, Inc.

AdCare Health Systems Completes Private Placement to Fund Aggressive Growth Initiatives

Published in Hospital Business Week, December 27th, 2009

AdCare Health Systems, Inc. (NYSE AMEX: ADK), an Ohio based long term care, home care and management company, reported that it completed a private placement of its securities.

The private placement raised $2.5 million in cash to fund the Company's growth initiatives, which include potential acquisitions of assisted living facilities and nursing homes as well as new management contracts.

"We are pleased that our shareholders voted to support the private placement and other issues at the special meeting of shareholders held a few days ago," said David A. Tenwick, Chairman of AdCare. "This is another important milestone in our strategy to continue and...

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Source: Hospital Business Week (2009-12-27)

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