Assisted Living Concepts (ALC) Announces One for Five Reverse Stock Split

March 10, 2009 5:05 PM EDT

Assisted Living Concepts, Inc. (NYSE: ALC) announced that its Board of Directors approved a reverse stock split of its Class A and Class B Common Stock at a ratio of 1 to 5, with the planned effective date of March 17, 2009. Accordingly, as of the effective date, each five shares of issued and outstanding Class A and Class B Common Stock will be converted into one share of Class A and Class B Common Stock, respectively. The reverse stock split will be effected by filing a Certificate of Change to ALC's Amended and Restated Articles of Incorporation with the Secretary of State of Nevada.

"The current challenges in the economy have driven down the prices of many stocks, including ALC's," said Ms. Bebo. "ALC has good prospects to do well as the economy recovers and stock values return to historical norms. Our long-term business model remains unchanged and we believe we will significantly benefit from both an eventual economic recovery and the continuation of favorable demographic trends."

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