Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Diversicare Healthcare Services, Inc. | g26568e8vk.htm |
Exhibit 99.1
Company Contact: |
Investor Relations: |
|
William R. Council, III |
Rodney O’Connor |
|
President and CEO |
Cameron Associates |
|
(615) 771-7575 |
(212) 554-5470 |
Advocat Engages Firm to Assist with Growth Strategy
BRENTWOOD, TN, (March 22, 2011) — Advocat Inc. (NASDAQ: AVCA) today announced that it has
engaged Raymond James & Associates, Inc. to assist the company, with emphasis on identifying
potential acquisition opportunities.
William R. Council, III, Chief Executive Officer of Advocat, stated, “We have selected Raymond
James to assist the company on a variety of fronts, with particular emphasis on exploring strategic
growth and acquisition opportunities. We have not expanded our business with acquisitions since
the purchase of seven Texas nursing home facilities in 2007. Since that transaction, we have
strengthened operations and financials and are in a position to accelerate growth through selective
acquisitions. Since a significant number of skilled nursing facilities are operated by small
private companies, we believe that there should be an opportunity to engage in acquisitions of
these entities, allowing owners of select properties to monetize their investments. Since most
states require a certificate of need to open a new nursing home facility, we believe that the
primary opportunity to grow our company in a significant way is through such acquisitions.
The healthcare investment banking group of Raymond James & Associates is one of the best, largest
and most successful healthcare-focused advisory service practices in the United States.”
Advocat provides long term care services to patients in 46 skilled nursing centers, primarily in
the Southeast and Southwest. For additional information about the Company, visit Advocat’s web
site: www.advocatinc.com.
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