Advocat Extends Maturities on Certain Debt; Announces Conference Call for Year End 2005 Operating Results.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 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 it executed an agreement to extend the maturities of its working capital line of credit and other borrowings with its primary commercial bank lender. The extension relates to notes with a total balance outstanding of $5.3 million and also includes the Company's $2.3 million working capital line of credit. There is currently no balance outstanding under the line of credit. Under the terms of the agreement, the bank has agreed to extend the maturity dates for the indebtedness for two years to January 29, 2008. The agreement also amended certain covenants of the notes to bring Advocat into compliance with such covenants. Other terms of the debt remain unchanged. "This two year debt extension is a significant accomplishment in the Company's turnaround, noted William R. Council, III, chief executive officer of Advocat. "We continue to have an excellent working relationship with the bank and are grateful for its support." Year End Conference Call A conference call has been scheduled to discuss the fourth quarter and year end results for the period ended December 31, 2005, which the Company will release on March 29, 2006 after the market closes. The conference call information is as follows: Date: Thursday, March 30, 2006 Time: 1:00 P.M. Central Time, 2:00 P.M. Eastern Webcast Address: http://phx.corporate-ir.net/playerlink.zhtml?c=77083&s=wm&e=1235156 Dial in numbers: (866) 277-1184 (domestic) or (617) 597-5360 (international) Passcode: 77584680 A replay of the conference call will be accessible two hours after its completion through April 13, 2006 by dialing (617) 801-6888 and entering passcode 75328937. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Forward-looking statements made in this release involve a number of risks and uncertainties, including but not limited to, the Company's ability to restructure or refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. its debt, the impact of under-insured professional liability claims, the accuracy of the Company's estimate of its anticipated professional liability expense, 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 Reimbursement Payment made to someone for out-of-pocket expenses has incurred. , 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. The Company has provided additional information in its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2004, as well as in other filings with the Securities and Exchange Commission, which readers are encouraged to review for further disclosure of other factors that could cause actual results to differ materially from those indicated in the forward-looking statements. Advocat Inc. is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services. Advocat Inc. provides long-term care services to nursing home patients and residents of 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 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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