Exhibit 99.1

 

 

Regional Health Properties Receives Audit Opinion with Going Concern Explanation and Reports Fourth Quarter and Full-Year 2018 Financial Results

 

ATLANTA, GA, May 16, 2019— Regional Health Properties, Inc.

(NYSE American: RHE) (NYSE American: RHEpA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, today filed its Annual Report on Form 10-K with the Securities and Exchange Commission for the year ended December 31, 2018. The audited financial statements for the year ended December 31, 2018 included in the Annual Report on Form 10-K contained an audit opinion from its independent registered public accounting firm, which included a going concern emphasis of matter paragraph.

 

This announcement is made pursuant to NYSE American Company Guide Section 610(b), which requires separate public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company’s audited consolidated financial statements for the year ended December 31, 2018 or to its Annual Report on Form 10-K for the year ended December 31, 2018.

 

2018 Business Update

 

Executed a Purchase and Sale Agreement to Sell One Facility Located in Georgia, One Facility Located in Alabama, and Two Facilities Located in Oklahoma for a Total of $28.5 Million

 

Transferred Operations at Five Facilities Located in Ohio to New Operating Partner, Aspire Regional Partners

 

Transferred Operations at One Facility Located in North Carolina to New Operating Partner, Vero Health Care

 

Terminated Lease on Two Facilities Located in Georgia for a Termination Fee of $1.2 million

 

“The Company continues to streamline its processes and procedures along with making significant progress in improving its operator portfolio performance and asset management functions,” stated Brent Morrison, Regional’s Chief Executive Officer. “We recently added a new operator to our portfolio in Ohio as well as adding another new operator to our portfolio in North Carolina and have already observed quick turnarounds in those regions and expect further improvements to come. We also terminated a lease on two facilities in Georgia and collected a $1.2 million termination fee as well as executed a separate purchase and sale agreement to sell four facilities located in Georgia, Alabama, and Oklahoma. Successful completion of these transactions as well as continued efforts to improve our operator portfolio performance is expected to significantly improve the Company’s overall financial position going forward.”

 


The following information was filed by Regional Health Properties, Inc (RHE) on Friday, May 17, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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