Advocat's Insurers Post Bond in Arkansas Jury Award; Company to Vigorously Defend Verdict.Business Editors & Health/Medical Writers FRANKLIN, Tenn.--(BUSINESS WIRE)--Sept. 17, 2001 Advocat Inc. (Nasdaq OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AVCA AVCA American Volleyball Coaches Association AVCA American Veterinary Chiropractic Association AVCA African Venture Capital Association AVCA Almaden Valley Community Association AVCA Automobil Veteranen Club Austria AVCA Apoyo Vital Cardiopulmonar Avanzado ) today announced that its insurers have posted the required bond on the $78.425 million verdict related to the professional liability case in Mena, Arkansas Mena is a city in Polk County, Arkansas, United States. It was founded by Arthur Edward Stilwell during the building of the Kansas City, Pittsburg and Gulf Railroad (now the Kansas City Southern). . The posting of this bond stays execution of the judgment during the appeal process. The Company plans to vigorously defend the judgment and announced that it has given notice of appeal to the Supreme Court of Arkansas. Forward-looking statements made in this release involve a number of risks and uncertainties, including but not limited to, the actions of the trial judge in response to the company's anticipated request, the uncertainty surrounding the issuance of the bond required to stay execution of the judgment, the ability of the company to be successful on appeal, factors affecting the long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. industry in general, governmental reimbursement, government regulation, health care reforms, the impact of future licensing surveys, changing economic and market conditions and other risk factors detailed in the Company's Securities and Exchange Commission filings. Advocat Inc. operated 120 facilities including 56 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities with 5,245 units and 64 skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. containing 7,230 licensed beds as of June 30, 2001. The Company operates facilities in 12 states, primarily in the Southeast, and four provinces in Canada. For additional information about the Company, visit Advocat's web site: http://www.irinfo.com/avc. |
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