Alternative Living Services, Inc. Commences Initial Public Offering.BROOKFIELD, Wis.--(BUSINESS WIRE)--Aug. 6, 1996--Alternative Living Services, Inc. (AMEX AMEX See: American Stock Exchange :ALI) announced today that it is offering 6,000,000 shares of its common stock at a price of $13.00 per share. 3,443,206 shares of which are being offered by the Company and 2,556,794 shares of which are being offered by certain selling stockholders. The Company and certain selling stockholders have granted the underwriters a 30-day option to purchase an additional 900,000 shares to cover over-allotments, if any. Following the offering the Company will have a total of 12,966,555 shares of common stock outstanding. The Company's common stock will be listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "ALI." The shares of common stock are being underwritten by lead manager NatWest Securities Limited and co-managers McDonald & Company Securities, Inc. and The Chicago Corporation. The Company will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering of approximately $40.0 million, as follows: (i) $15.3 million for the repayment of certain indebtedness; (ii) $19.5 million to finance the construction and development of additional assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. residences; and (iii) the remaining balance for general corporate purposes, including working capital. Alternative Living Services, Inc. is a leading national assisted living company operating 57 residences with an aggregate capacity of approximately 2,500 residents. The Company provides a full range of assisted living services in its four distinct product lines including residences for the frail elderly frail elderly, n.pl older persons (usually over the age of 75 years) who are afflicted with physical or mental disabilities that may interfere with the ability to independently perform activities of daily living. and free-standing specialty care residences for individuals with Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. and other dementias. The Company and its predecessors have operated assisted living residences since 1981 including specialty dementia care residences since 1985. The Company intends to continue its development strategy and is currently constructing 19 residences and is developing an additional 24. Of these residences, 15 to 21 are expected to open during 1996. The Company also intends to continue to pursue strategic acquisitions of assisted living operations. This announcement is neither an offer to sell nor the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state. The offer is made solely in the prospectus, a copy of which may be obtained form NatWest Securities Limited, Prospectus Department, 175 Water Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10038. CONTACT: Alternative Living Services, Inc. William F. Lasky/ Thomas E. Komula, 414/789-9565 |
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