American Retirement Board of Directors Authorizes Debt Repurchase Program.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--March 16, 2000 American Retirement Corporation (NYSE NYSE See: New York Stock Exchange : ACR See riser card. ), one of the largest providers of senior living services, announced today that its Board of Directors has authorized the repurchase from time to time of its 5.75% Convertible Debentures. The Company issued $138.0 million of five-year 5.75% fixed rate convertible debentures during 1997. Purchases, up to $30 million in market value, may be made in the open market or privately negotiated transactions. The timing and amount will depend upon prevailing market conditions, alternative uses of capital and other factors. The program is expected to be completed during 2000. American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors, including independent living, 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. , skilled nursing and Alzheimer's care. The Company currently operates 54 senior living communities in 15 states with an aggregate capacity for approximately 13,600 residents. The Company's strategy is to develop Senior Living Networks in major metropolitan regions. These networks are made up of large continuing care continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement communities and free-standing assisted living residences located in the same markets. This press release and statements made by or on behalf of American Retirement Corporation relating hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. may be deemed to constitute forward-looking information made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements may be affected by certain risks and uncertainties, including those described in American Retirement Corporation's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998 under the caption "Risk Factors" and in American Retirement Corporation's other filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, American Retirement Corporation's actual results could differ materially from such forward-looking statements. American Retirement Corporation does not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. |
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