ATLANTA, May 2, 2017 /PRNewswire/ -- AdCare Health
Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a
self-managed healthcare real estate investment company that invests
primarily in real estate purposed for senior living and long-term
care, today announced the appointment of Brian M. Szames as an independent director,
effective May 1, 2017.
"Brian has a 30-plus year track record of proven results and
effective financial management with increasing levels of
responsibility for multiple, large global enterprises culminating
with his position as Treasurer of Macy's, Inc." commented
Allan J. Rimland, AdCare's President
and Chief Executive Officer. "I have no doubt he will add a
valuable perspective to our Board of Directors. We appreciate his
willingness to serve and look forward to benefitting from his
involvement and counsel."
Mr. Szames has been an officer and treasurer of three separate
public companies, including 17 years with Macy's, Inc. (formerly
known as Federated Department Stores, Inc.), one of the nation's
premier retailers, serving as Group Vice President and Treasurer
until his retirement in 2016. In that capacity, he managed
multi-billion dollar debt and investment portfolios, and was
responsible for the company's corporate finance activities, capital
structure and business plan development, pension and savings plans,
financial risk management, and cash management. Mr. Szames
currently serves on the Board of Directors of a diversified
value-add real estate fund and prior to Macy's, his previous roles
included serving as Vice President & Treasurer at Fingerhut
Companies, Inc. (acquired by Federated in 1999), Vice
President & Treasurer at Footstar, Inc. (spin-off from
Melville) from 1996 to 1998, and Assistant Treasurer at Melville
Corporation (now known as CVS) from 1992 to 1996. In 2009, he was
recognized as one of the 100 Most Influential People in Finance by
Treasury & Risk Management, a publication for finance,
treasury and risk management professionals. Mr. Szames received a
Bachelor of Science in finance from Ohio State
University and an MBA from Temple
University.
"I believe AdCare is positioned well to continue its progress
towards improved operating performance and to seek value-enchancing
acquisitions for the benefit of its shareholders," commented Mr.
Szames. "I look forward to utilizing my decades of financial and
transactional experience to assist the company execute on its
strategic plan."
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA)
is a self-managed healthcare real estate investment company that
invests primarily in real estate purposed for senior living and
long-term healthcare through facility lease and sub-lease
transactions. AdCare currently owns, leases or manages for third
parties 29 facilities. For more information about AdCare, visit
www.adcarehealth.com.
Important Cautions Regarding Forward-Looking
Statements
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Words such as "expects," "intends,"
"believes," "anticipates," "plans," "likely," "will," "seeks,"
"estimates" and variations of such words and similar expressions
are intended to identify such forward-looking statements.
Statements in this press release regarding future events and
developments and our future performance, as well as management's
expectations, beliefs, plans, estimates or projections relating to
the future, are forward-looking statements.
Forward-looking statements, by their nature, involve estimates,
projections, goals, forecasts and assumptions and are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected or contemplated by our
forward-looking statements due to various factors, including, among
others, the factors discussed from time to time in filings with the
Securities and Exchange Commission including our Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. These forward-looking statements and such risks,
uncertainties and other factors speak only as of the date of this
press release, and we expressly disclaim any obligation or
undertaking to update or revise any forward-looking statement
contained herein, to reflect any change in our expectations with
regard thereto or any other change in events, conditions or
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SOURCE AdCare Health Systems, Inc.
