AdCare Appoints Brian M. Szames, Former Treasurer of Macy’s, to Board of Directors

ATLANTA, May 2, 2017 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, today announced the appointment of Brian M. Szames as an independent director, effective May 1, 2017.

"Brian has a 30-plus year track record of proven results and effective financial management with increasing levels of responsibility for multiple, large global enterprises culminating with his position as Treasurer of Macy's, Inc." commented Allan J. Rimland, AdCare's President and Chief Executive Officer. "I have no doubt he will add a valuable perspective to our Board of Directors. We appreciate his willingness to serve and look forward to benefitting from his involvement and counsel."

Mr. Szames has been an officer and treasurer of three separate public companies, including 17 years with Macy's, Inc. (formerly known as Federated Department Stores, Inc.), one of the nation's premier retailers, serving as Group Vice President and Treasurer until his retirement in 2016. In that capacity, he managed multi-billion dollar debt and investment portfolios, and was responsible for the company's corporate finance activities, capital structure and business plan development, pension and savings plans, financial risk management, and cash management. Mr. Szames currently serves on the Board of Directors of a diversified value-add real estate fund and prior to Macy's, his previous roles included serving as Vice President & Treasurer at Fingerhut Companies, Inc. (acquired by  Federated in 1999), Vice President & Treasurer at Footstar, Inc. (spin-off from Melville) from 1996 to 1998, and Assistant Treasurer at Melville Corporation (now known as CVS) from 1992 to 1996. In 2009, he was recognized as one of the 100 Most Influential People in Finance by Treasury & Risk Management, a publication for finance, treasury and risk management professionals. Mr. Szames received a Bachelor of Science in finance from Ohio State University and an MBA from Temple University.

"I believe AdCare is positioned well to continue its progress towards improved operating performance and to seek value-enchancing acquisitions for the benefit of its shareholders," commented Mr. Szames. "I look forward to utilizing my decades of financial and transactional experience to assist the company execute on its strategic plan."

About AdCare Health Systems

AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare through facility lease and sub-lease transactions. AdCare currently owns, leases or manages for third parties 29 facilities. For more information about AdCare, visit www.adcarehealth.com.

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SOURCE AdCare Health Systems, Inc.