Alterra Reiterates Commitment to Quality Care.Business Editors MILWAUKEE--(BUSINESS WIRE)--Nov. 29, 2000 Alterra Healthcare Corporation (AMEX AMEX See: American Stock Exchange - ALI) today reiterated its commitment to quality resident care following a 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 Times article on November 26, 2000 which raised questions concerning care in isolated cases at five of its 473 residences. The article also raised important national issues concerning long term care options for the nation's aging population. "Alterra is committed to the best in quality of care," stated Steven L. Vick, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "We understand that compromising quality of care is not an option if we and the 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. industry are to continue providing long term care options for our nation's seniors. With a majority of residents being private pay, we must meet and satisfy their needs every day to retain them as customers." The Company pointed to record occupancy and high resident satisfaction survey results as indication of the high level of care and service it provides. All of Alterra's assisted living residences are voluntarily licensed. The residences are regulated and overseen by the states in which they operate. The Company has over 18,000 current residents and provides personal care and services for over 25,000 seniors annually. Vick added, "We encourage and foster the regulatory environment and state survey process. When a problem arises we work with the states to address those issues in a responsible fashion. We are proud of our day to day track record." Alterra reported that it has received strong support from its residents and resident families as a result of the article. "We are extremely pleased with the positive response of our customers in asking how they can voice their satisfaction with our services and our employees," stated Vick. Alterra offers supportive and selected health care services to the nation's 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 is the nation's largest operator of freestanding Alzheimer's/dementia care residences. Alterra currently operates in 28 states. The statements in this release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on management's beliefs and assumptions using currently available information. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements involve a number of risks and uncertainties, including, but not limited to, substantial debt and operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. payment obligations, operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. associated with new residences, the need for additional financing and liquidity, the Company's ability to implement its new strategic initiatives and improve cash flow, development and construction risks, risks associated with acquisitions, risks associated with dispositions, competition, governmental regulation and other risks and uncertainties detailed in the reports filed by the Company with the Securities and Exchange Commission. Should one or more of these risks materialize (or the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. The Company assumes no duty to publicly update such statements. |
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