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AdCare Health Systems, Inc. Announces Public Offering Of Series A Preferred Stock

Stocks in this article: ADK





ATLANTA, Nov. 1, 2012 /PRNewswire/ --  AdCare Health Systems, Inc. (NYSE MKT: ADK) (the "Company") announced today that it has commenced an underwritten public offering of a new series of its preferred stock, to be designated as its 10.875% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"). The Company has filed an application to list the Series A Preferred Stock on the NYSE MKT. MLV & Co. LLC, GVC Capital LLC and Ladenburg Thalmann & Co. Inc. are acting as underwriters to offer and sell the Series A Preferred Stock, on a "best efforts" basis.  MLV will be acting as Sole Book-Running Manager for the offering. GVC Capital and Ladenburg will be acting as Co-Managers.  The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include the repayment of certain indebtedness.

The offering will be made pursuant to the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The offering of these securities will be made only by means of a prospectus and related prospectus supplement, when available. Copies of the prospectus and accompanying preliminary prospectus supplement relating to these securities may be obtained by contacting: MLV & Co. LLC, 1251 Avenue of the Americas, New York, NY 10020, Attention: Randy Billhardt, Email: rbillhardt@mlvco.com ; Telephone: (212) 542-5882.

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 planned offering of the Series A Preferred Stock and the intended use of proceeds. 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.

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