Advocat Completes Purchase of Briarcliff Health Care Center.FRANKLIN, 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 OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AVCA) announced today it closed on the purchase of the Briarcliff Health Care Center, a 120-bed 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 Oak Ridge, Tennessee Oak Ridge is an incorporated city in Anderson and Roane Counties in East Tennessee, about 25 miles northwest of Knoxville. Oak Ridge's population was 27,387 people at the 2000 census. . Advocat has operated the Briarcliff facility under a lease agreement since 1990. The lease was to expire in February 2006. Advocat purchased the nursing home for approximately $6.7 million with financing provided by a commercial finance company. The lease agreement was terminated effective with the purchase. Advocat Inc. provides long-term care services to nursing home patients and residents of assisted living facilities in nine states, primarily in the Southeast. For additional information about the Company, visit Advocat's web site: http://www.irinfo.com/avc |
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