Advocat's Stock to Begin Quoting On the NASD'S OTC Bulletin Board

Business Wire, Nov 4, 1999

FRANKLIN, Tenn.--(BUSINESS WIRE)--Nov. 3, 1999--

Advocat Inc. (NYSE:AVC) today reported that it will begin quotation of its common stock on the NASD's OTC Bulletin Board effective November 10, 1999.

The change in listing from the New York Stock Exchange ("NYSE") was the result of the Company's value falling below the NYSE's minimum requirements for continued listing relative to total stockholders' equity of $50 million and global market capitalization of $50 million as well as 30-day average global market capitalization of $15 million.

Dr. Charles W. Birkett, chairman and chief executive officer, stated, "We expect no interruption in the trading of Advocat's stock with the change from the New York Stock Exchange to the NASD OTC Bulletin Board. Advocat's stock has been negatively affected by changes in reimbursement and increased regulatory oversight similar to the entire nursing home industry, resulting in our market capitalization falling below minimum requirements for continued listing on the New York Stock Exchange. We plan to remain focused on our strategic initiatives to restore profitability to Advocat's operations and improve the long-term value for our stockholders."

Advocat Inc. operates 122 facilities with 12,627 beds of which 57 were assisted living facilities with 5,320 beds and 65 were skilled nursing facilities containing 7,307 licensed beds. The Company operates facilities in 11 southern states and three provinces in Canada.

Forward-looking statements made in this release involve a number of risks and uncertainties, including but not limited to, exchange listing, liquidity and trading in the Company's common stock and other risk factors detailed in the Company's Securities and Exchange Commission filings.

For additional information about the Company, visit Advocat's web site: Http://www.irinfo.com/AVC