American Retirement Forms Pharmacy Joint Ventures; Invests in Med Management Solution.NASHVILLE, Tenn. -- American Retirement Corporation (NYSE NYSE See: New York Stock Exchange : ACR See riser card. ) ("ARC" or the "Company"), a leading national provider of senior living housing and care, today announced that it has entered into joint venture pharmacy agreements with one of the nation's largest institutional pharmacy providers. The joint ventures will operate institutional pharmacies in Phoenix, Dallas, San Antonio/Austin, Houston and Denver. The joint ventures will be owned 49% by the Company and will be managed by our long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. pharmacy partner, pursuant to a long-term management contract. The pharmacies will service the five market areas, including our communities in those markets. Additionally, the Company has made an investment in TabSafe, a private company that manufactures and markets a state-of-the-art personal medication management system for the senior market. TabSafe currently operates pharmacies in Tampa and Atlanta. The Company believes that the combination of technology to improve quality assurance in medication delivery, as well as the opportunity to be a business partner in providing pharmacy services, supports the Company's ancillary service business and quality care goals. "We are delighted by these opportunities to improve the pharmacy services provided to our communities," said Bill Sheriff, Chairman, President 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. of American Retirement Corporation. "The joint venture pharmacies will begin by better filling the needs of our residents and then expand into serving a much broader market. We feel partnering with a proven provider adds another strong element to our ancillary services programs." "We are also excited with our investment in TabSafe," he added. "The TabSafe system, which is supported with a direct electronic link of data to local pharmacies, will provide our residents with enhanced drug management safety through a consumer-friendly operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . While still early in its development, TabSafe has great potential." Company Profile 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. Established in 1978, the Company believes that it is a leader in the operation and management of senior living communities, including independent living communities, 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, free-standing assisted living communities, and the development of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. care programs for residents with Alzheimer's and other forms of dementia. The Company's operating philosophy is to enhance the lives of seniors by striving to provide the highest quality of care and services in well-operated communities designed to improve and protect the quality of life, independence, personal freedom, privacy, spirit, and dignity of its residents. The Company currently operates 76 senior living communities in 19 states, with an aggregate unit capacity of approximately 14,300 units and resident capacity of approximately 16,000. The Company owns 27 communities (including 9 communities in joint ventures), leases 43 communities, and manages 6 communities pursuant to management agreements. 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. Statement Statements contained in this press release may be deemed to constitute forward-looking information made pursuant to the safe harbor 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. include all statements that are not historical statements of fact and those regarding the intent, belief or expectations of the Company or its management and are subject to risks, uncertainties, and assumptions. Important factors that could cause actual results to differ materially from the forward-looking statements made in this press release include those risks described in the Company's filings with the Securities and Exchange Commission. The Company 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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