Alternative Living Services Completes Lease Agreement For 308 Beds.BROOKFIELD, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Sept. 11, 1997-- Operations Initiated in Massachusetts With Management Services Agreement; Bringing 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 Memory Impaired Resident Capacity to 5,057 Alternative Living Services, Inc. (AMEX AMEX See: American Stock Exchange :ALI Ali (älē`) (Ali ibn Abu Talib), 598?–661, 4th caliph (656–61). The debate over his right to the caliphate caused a major split in Islam into Sunni and Shiite branches, and he is regarded by the Shiites as the first Imam, or leader: ), one of the nation's largest and most experienced operators of 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 for the frail elderly and the country's largest operator of free standing 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. , has entered into a lease agreement with a Minnesota assisted living development company relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 4 residences in Minnesota with a total aggregate capacity of 308 residents including 143 beds serving individuals with Alzheimer's disease or other memory impairments. Two of the four sites are located in the suburbs of metropolitan Minneapolis/St. Paul and two are located in the regional medical area near Moorhead, MN. Additionally, the Company has entered into a management services agreement with a Massachusetts-based assisted living provider to operate a 72 bed assisted living residence in Leominster, MA and has plans to acquire 51% of that residence and expand it to 88 beds within the next year, subject to lender approval. Both agreements were effective September 1, 1997. "These agreements give us 5 additional high quality, purposefully-built assisted living residences very similar in architecture to our current residence designs," states Bill Lasky, President and Chief Executive Officer. "The Minnesota transaction will add approximately $5.5 million in annual revenues in 1998", he said. "That initial lease term is for ten years with two five year extensions and the contract provides us the right to acquire the properties at a future date." In addition, the Company previously announced a proposed merger with Sterling House Corporation, a publicly-traded assisted living company operating 90 residences in six states with a capacity of 3,380 residents. Subject to receipt of stockholder and other approvals, the merger is expected to be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. in the fourth quarter of 1997. With the addition of these 5 residences, Alternative Living Services currently operates and manages 109 assisted living residences with a capacity to serve 5,057 residents. The Company's four distinct residence designs include the Clare Bridge residence, for individuals with Alzheimer's disease or other memory impairments, the Wynwood residence, for the frail elderly in metropolitan suburban areas, the WovenHearts residence, for the frail elderly in smaller communities and the Crossings residence, an apartment style residence. CONTACT: Alternative Living Services Gary Kastel, 800/236-3454 |
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