Advocat Reports Noncompliance With Continued Listing Standards of the New York Stock Exchange.FRANKLIN, Tenn.--(BUSINESS WIRE)--Sept. 9, 1999-- Advocat Inc. (NYSE NYSE See: New York Stock Exchange :AVC (1) (Advanced Video Coding) The video compression techniques used in the H.264 standard, jointly developed by ISO and the ITU-T. See H.264. (2) (Audio Visual C ) today reported that it has fallen below the continued listing standards of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ("NYSE") relating to total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of $15 million and total market capitalization and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $50 million. Advocat is currently discussing with NYSE its continued listing status and the Company has submitted information as requested by NYSE. The Company is also in the process of exploring other listing options for its common stock. Dr. Charles W. Birkett, chairman and chief executive officer, stated, "We are making every effort to ensure seamless trading of the Company's stock either on the NYSE or otherwise. Meanwhile, we continue to address the fundamental issues of the Company by taking steps to increase the Company's profitability and maximize shareholder value." As of June 30, 1999, Advocat Inc. operated 119 facilities with 12,251 beds of which 53 were 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 4,793 beds and 66 were skilled nursing facilities containing 7,458 licensed beds. The Company operates facilities in 11 southern states and three provinces in Canada. Forward-looking statements made in this release involve a number of risks and uncertainties, including but not limited to, exchange listing, liquidity and trading in the Company's common stock and other risk factors detailed in the Company's Securities and Exchange Commission filings. For additional information about the Company, visit Advocat's web site: Http://www.irinfo.com/AVC. |
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