AdCare Health Systems, Inc., a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, announced that Allan J. Rimland, currently AdCare's President and Chief Financial Officer, has been named Chief Executive Officer effective April 17, 2017. The Board of Directors terminated Bill McBride's employment for cause on such date, as disclosed in a Current Report on Form 8-K filed on April 17, 2017.

"AdCare is moving forward with its growth strategy, and Allan is the right person to lead this effort," commented Michael Fox, AdCare's Lead Independent Director. "The Company continues its work to resolve legacy issues, and has made considerable progress against each of the stated initiatives the Board put in place to create sustainable shareholder value. The Board is encouraged by the operating improvements seen thus far in 2017, and looking forward to continued progress."

"This transition is the culmination of an internal investigation conducted by a special committee of the Board, which is also discussed in the Current Report on Form 8-K," added David Tenwick, AdCare's founder and former Chairman of the Board. "The Board is confident that Allan is the ideal person to provide the leadership necessary to move AdCare forward."

"We believe AdCare is well-positioned to continue to pursue attractive acquisitions, streamline our balance sheet and reduce operating costs," commented Mr. Rimland. "The steady improvements in the operating performance of our property portfolio demonstrate the progress we have made, and we expect additional improvements going forward. I am excited to lead AdCare and believe continued progress will lead to sustainable shareholder value."