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AdCare says Audit Committee found material weaknesses

AdCare said its Audit Committee has completed its inquiry, has assisted in the correction of certain errors relating to accounting and financial matters and has identified certain material weaknesses in the company's internal control over financial reporting. These material weaknesses include, among other things, weakness in the company's ability to appropriately account for complex or non-routine transactions and in the quality and sufficiency of the company's finance and accounting resources. The Audit Committee intends to make recommendations to the board to address such material weaknesses and its other findings.