American Retirement Corporation Announces Management Contracts With Purchase Options.NASHVILLE, Tenn.--(BUSINESS WIRE)--June 17, 1998--American Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ) today announced that the Company has entered into management and marketing agreements with Daniel Corporation for two upscale senior living communities currently under construction in Huntsville and Birmingham, Alabama Birmingham (pronounced [ˈbɝmɪŋˌhæm]) is the largest city in the U.S. state of Alabama and is the county seat of Jefferson County. . The management agreements grant ARC options to purchase the communities upon achievement of stabilized occupancy at formula-derived prices. The Birmingham development, Somerby at University Park, is located within the city of Homewood adjacent to Samford University Not to be confused with Stanford University. Samford University is a private, coeducational, Baptist-affiliated university located in Homewood, Alabama, a suburb of Birmingham. As of 2006, Samford ranks number four in the South among master's degree institutions in this year's U. and includes 120 independent living apartments and 124 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. units. Somerby at Jones Farm is located within Huntsville and will include 90 independent living apartments and 48 assisted living units. Both senior living communities will also serve the residents of adjacent age-restricted patio homes being developed for sale by Daniel Corporation. W.E. Sheriff, the Company's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , remarked "We are excited about the opportunity to enter two attractive new markets, particularly given our involvement in the development of these high quality assets. The construction is approximately 50% complete and the communities are anticipated to become operational in the second quarter of 1999. We look forward to adding these developments to our portfolio of owned communities once stabilized occupancy has been reached." Certain statements contained in this press release and related statements by the Company's management 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 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. may be affected by certain risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. The Company's actual results could differ materially from such forward-looking statements, and the Company undertakes no obligation to update such forward-looking information. 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, skilled nursing, and home health care services. The Company currently operates 26 senior living communities in 13 states with an aggregate capacity for approximately 7,400 residents. The Company is constructing or developing 36 additional assisted living communities and expansion projects at five of its retirement communities, which in aggregate will add capacity for approximately 3,900 residents. Upon consummation of the recently announced Freedom Group acquisition, the Company will operate six additional communities with aggregate capacity for 3,300 residents and provide development and management services for two communities with capacity for 800 residents. The Company also owns eleven home health care agencies and manages four others for third parties.
CONTACT: American Retirement Corp., Nashville
Bill Sheriff, 615/221-2259
or
George Hicks, 615/221-2260
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