BRENTWOOD, Tenn., Oct. 01, 2018 (GLOBE NEWSWIRE) — Diversicare Healthcare Services, Inc. (DVCR), a arch provider of abiding affliction services, today appear that pursuant to the bounden acceding amid Omega and Diversicare able September 25, 2017, we accept now entered into a New Master Charter acceding with Omega Healthcare Investors (OHI) to charter 34 centers currently endemic by Omega and operated by Diversicare.
Diversicare’s above-mentioned Master Charter with Omega provided for its operation of 23 accomplished nursing centers in Texas, Kentucky, Alabama, Tennessee, Florida, and Ohio. Additionally, Diversicare operates 11 centers endemic by Omega beneath abstracted leases in Missouri, Kentucky, Indiana, and Ohio. The New Master Charter agreement, able October 1, 2018, consolidates the leases for all 34 centers beneath one New Master Lease.
Key acceding of the New Master Charter are as follows:
Additionally, Diversicare accomplished operations at its Ontario, Ohio stand-alone 50 bed assisted active adeptness on October 1, 2018, appropriately absolute its charter for this centermost endemic by Omega.
Commenting on the agreement, Jay McKnight, the Company’s Chief Executive Officer, stated, “We are aflame to advertise the assiduity of our affiliation with Omega and we attending advanced to an advancing acknowledged accord with one another. The New Master Charter has accoutrement in it that will accord us added adaptability in the administration of our portfolio and provides funds for approaching basic needs of the busy centers. In the advancing months, we will accommodate capacity apropos the across-the-board changes in charter accounting, which will be able for us on January 1, 2019. This New Master Charter was crafted with those changes in apperception by both Diversicare and Omega.”
About Diversicare Healthcare Services, Inc.
As of October 1, 2018, Diversicare provides abiding affliction casework to patients in 75 accomplished nursing and chief apartment centers absolute 8,457 accountant nursing beds. For added advice about the Company, appointment Diversicare’s web site: www.DVCR.com.
The “forward-looking statements” independent in this absolution are fabricated pursuant to the safe anchorage accoutrement of the Private Securities Litigation Ameliorate Act of 1995. Advanced statements are predictive in attributes and are frequently articular by the use of acceding such as “may,” “will,” “should,” “expect,” “believe,” “estimate,” “intend,” and agnate words advertence accessible approaching expectations, contest or actions. These advanced statements reflect our accepted angle with account to approaching contest and present our estimates and assumptions alone as of the date of this release. Absolute after-effects could alter materially from those advised by the advanced statements fabricated in this release. In accession to any assumptions and added factors referred to accurately in affiliation with such statements, added factors, abounding of which are above our adeptness to ascendancy or predict, could account our absolute after-effects to alter materially from the after-effects bidding or adumbrated in any advanced statements including, but not bound to, our adeptness to auspiciously accommodate the operations of our new nursing centermost in Alabama, as able-bodied as auspiciously accomplish all of our centers, our adeptness to access demography at our adapted centers, changes in authoritative reimbursement, government regulation, the appulse of the afresh adopted federal bloom affliction ameliorate or any approaching bloom affliction reform, any increases in the amount of borrowing beneath our acclaim agreements, our adeptness to extend or alter our accepted acclaim facility, our adeptness to accede with covenants independent in those acclaim agreements, our adeptness to renew or extend our leases at or above-mentioned to the end of the absolute charter terms, the aftereffect of able accountability lawsuits and claims, our adeptness to ascendancy ultimate able accountability costs, the accurateness of our appraisal of our advancing able accountability expense, the appulse of approaching licensing surveys, the aftereffect of affairs alleging violations of accompaniment or Federal False Claims Acts, laws and regulations administering affection of affliction or added laws and regulations applicative to our business including HIPAA and laws administering agreement from government payors, the costs of advance in our business initiatives and development, our adeptness to ascendancy costs, changes to our appraisal of deferred tax assets, changes in ascendancy ante in our centers, alteration bread-and-er and aggressive conditions, changes in advancing acquirement and amount growth, changes in the advancing after-effects of operations, the aftereffect of changes in accounting behavior as able-bodied as others. The Company has provided added advice in its Anniversary Report on Form 10-K for the budgetary year concluded December 31, 2017, as able-bodied as in its added filings with the Securities and Exchange Commission, which readers are encouraged to analysis for added acknowledgment of added factors. These assumptions may not actualize to the admeasurement assumed, and risks and uncertainties may account absolute after-effects to be altered from advancing results. These risks and uncertainties additionally may aftereffect in changes to the Company’s business affairs and prospects. Diversicare Healthcare Services, Inc. is not amenable for afterlight the advice independent in this columnist absolution above the appear date, or for changes fabricated to this certificate by wire casework or Internet services.
Company Contact:James R. McKnight, Jr.Chief Executive Officer615-771-7575
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