AdCare Health Systems, Inc. Board of Directors Adds Brent Morrison as
Non-Voting Board Observer
Reflects AdCare's Commitment to Corporate Governance
ATLANTA, Jan. 17, 2014
ATLANTA, Jan. 17, 2014 /PRNewswire/-- AdCare Health Systems, Inc. (NYSE MKT:
ADK) (NYSE MKT: ADK.PRA), a leading long-term care provider, announced today
that Brent Morrison, CFA, is serving as a non-voting observer to AdCare's
Board of Directors, reflecting AdCare's commitment to effective and
shareholder-friendly corporate governance.
Mr. Morrison is currently the Managing Director of Zuma Capital Management
LLC, a Registered Investment Advisor, a position he has held since 2012, where
he manages the firm's assets by investing in undervalued small-cap companies.
Prior to Zuma, Mr. Morrison was the Senior Research Analyst at the Strome
Group, a private investment firm, from 2009 to 2012.Mr. Morrison was a
Research Analyst at Clocktower Capital, LLC, a global long/short equity hedge
fund based in Beverly Hills, Calif., from 2007 to 2009. Prior to that, he was
the Vice President of Wilshire Associates, a financial consulting firm, from
1999 to 2007.Mr. Morrison received a MBA from the University of California at
Los Angeles, with an emphasis in Finance and International Business, and a
B.A. in Finance from the University of Colorado at Denver. Mr. Morrison is a
Chartered Financial Analyst.
"We welcome the expertise that Brent brings to our board as an experienced,
shareholder-friendly advocate," commented Boyd Gentry, CEO of AdCare."Brent
has experience as a board observer, having previously served as a board
observer.In addition, he is familiar with AdCare as a result of our prior
relationship with the Strome Group, his financial and investment background
and his advocacy for creating shareholder value form a powerful combination,
and we will benefit from his experience and perspective in the boardroom."
In connection with his designation as board observer, Mr. Morrison has agreed
to customary confidentiality obligations with respect to any non-public
information concerning AdCare furnished to him in his role as board observer.
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. is a recognized provider of senior living and
health care facility management. AdCare owns and manages long-term care
facilities and retirement communities, and since the company's inception in
1988, its mission has been to provide the highest quality of healthcare
services to the elderly through its operating subsidiaries, including a broad
range of skilled nursing and sub-acute care services.For more information
about AdCare, visit www.adcarehealth.com.
Important Cautions Regarding Forward-Looking Statements
This press release includes statements that may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995, including with regard to the Company's future expectations and
prospects. Such forward-looking statements are subject to a variety of known
and unknown risks, uncertainties, and other factors that are difficult to
predict and many of which are beyond management's control. Factors that can
affect future results are discussed in the documents filed by the Company from
time to time with the Securities and Exchange Commission. Except where
required by law, the Company undertakes no obligation to update or revise any
forward-looking statement to reflect events or circumstances after the date of
this press release.
SOURCE AdCare Health Systems, Inc.
Contact: Company Contacts, Boyd Gentry, CEO, AdCare Health Systems, Inc.,
+1-678-869-5116, firstname.lastname@example.org; Investor Relations, Brett Maas, Hayden
IR, +1-646-536-7331, email@example.com
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