Advocat Settles All Outstanding Claims With State of Arkansas.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 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 reached an agreement with the Attorney General for the State of Arkansas to settle all civil claims filed against the Company by the State for alleged violations by the Company in Arkansas. In the agreement, the Company did not admit or agree, to any degree, any violation of any statute nor any standard of care. In consideration of the settlement with the State of Arkansas, Advocat will pay the State $400,000 in monthly payments over 24 months and agreed to pay at least $600,000 to install sprinkler systems in nursing homes owned by the Company in the State of Arkansas. The settlement also included $300,000 in funds already expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. by the Company for additional training of nursing home staff. "We are pleased to reach the settlement with Arkansas," stated William R. Council, III, Chief Executive Officer of Advocat. "We did not agree with the Attorney General's assertions in their lawsuits and were prepared to fight them vigorously. However, we understand and agree that this is a compromise settlement of doubtful and disputed claims. We appreciate the willingness of the Arkansas Attorney General The Arkansas Attorney General is an executive position and constitutional officer within the Arkansas government. The Attorney General is chief law enforcement and legal officer and lawyer for Arkansas. to work with us on a settlement and believe it is in the best interest of our residents in Arkansas and our shareholders. The safety and security of our residents was our primary goal and I believe this settlement with the State of Arkansas underscores our commitment to providing quality care," concluded Mr. Council. 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. made in this release involve a number of risks and uncertainties, including but not limited to, uncertainty regarding the Company's ability to restructure or refinance its debt, the impact of under-insured professional liability claims, 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. 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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