Advocat Announces Results of Shareholder Vote.Shareholders Support Management's Board Nominees and Stock Purchase Plan, and Vote Against Shareholder Proposal West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. Certificate of Need Approved BRENTWOOD, Tenn. -- Advocat Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : 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 official voting results from its Annual Meeting of Shareholders held on June 3, 2008. The Company reported that Advocat's Board nominees received more than 95% of the votes cast for the election of directors at the Company's Annual Meeting. Accordingly, Wallace E. Olson was reelected to the Board of Directors and Chad A. McCurdy, a recently appointed director, was elected by the shareholders to serve a three year term. Shareholders also approved the 2008 Stock Purchase Plan for Key Personnel with 82% of the votes cast in favor of the plan. Shareholders also voted in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the recommendation of the Company's Board of Directors by voting down the shareholder proposal of Bristol Capital Advisors. The proposal recommended that the Board of Directors engage an investment banking firm and pursue a sale or liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the Company. The proposal received approximately 14% of the votes cast. As disclosed earlier, the Company entered into an option agreement to purchase certain assets of a skilled nursing facility 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. in West Virginia and applied to state regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities to allow the Company to operate the facility and construct a 90 bed replacement facility. This application was approved in February 2008, subject to rights of appeal by contesting parties. The Company today announced that the time period to appeal the West Virginia Certificate of Need has now ended and no appeal was filed. Advocat provides long term care services to patients in 50 skilled nursing centers containing 5,773 licensed nursing beds, primarily in the Southeast and Southwest. For additional information about the Company, visit Advocat's web site: http://www.irinfo.com/avc. |
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