Assisted Living Concepts Announces New Leadership Team; Keren Brown Wilson Named Chief Executive Officer.PORTLAND, Ore.--(BUSINESS WIRE)--March 16, 1999--The Board of Directors 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. Concepts, Inc. (AMEX AMEX See: American Stock Exchange :ALF ALF - Algebraic Logic Functional language ) today announced the appointment of Dr. Keren Brown Wilson as President and Chief Executive Officer, effective immediately. The board also announced the appointment of Leslie J. Mahon as Vice President and 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. and James W. Cruckshank as Vice President and Chief Financial Officer. Dr. Wilson is the Company founder who developed its highly successful model of affordable residences for the elderly in need of assistance with activities of daily living. Dr. Wilson has been a visionary in the assisted living industry, developing innovative de-institutionalized living arrangements that provide compassionate care while respecting and fostering the privacy and independence of its residents. "We are adding additional depth to our highly talented management team to manage the Company to the next stage of its growth," said Dr. Wilson. "In the past five years, we completed a rapid expansion from 5 to 173 residences, with 14 more still under construction and additional residences under development. With the addition of Les Mahon, a seasoned operating professional, we will enhance our systems so that we can more effectively and efficiently operate our rapidly growing business. And we will concentrate on maturing our business, especially by stabilizing the occupancy in our new residences. We consider these measures a prerequisite for sustainable, profitable long-term growth." Mr. Mahon has ten years of operating experience in the 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. industry as the Chief Executive Officer of Lantis Enterprises Inc., a private company that operates assisted living and nursing facilities in a multi-state system with a regional management structure. Mr. Mahon's appointment is effective immediately. Mr. James Cruckshank, the Company's new Chief Financial Officer, has over 20 years experience in accounting and treasury. Most recently, he served as the Corporate Controller and Assistant Treasurer of Schnitzer Steel Industries Inc., a public company in the Portland area. Prior to this assignment, Mr. Cruckshank was an audit manager for Price Waterhouse. Mr. Cruckshank's appointment is effective March 21, 1999. "Jim Cruckshank has extensive experience in developing management information systems which will be important to the Company as we implement more sophisticated systems to meet our growing needs. With a financial background in publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , Jim understands the importance of current operating performance and long-term value creation," said Dr. Wilson. Mr. William McBride William (or Will or Bill) McBride may refer to:
Assisted Living Concepts, Inc., owns, operates and develops assisted living residences for older adults who need assistance with the activities of daily living, such as bathing and dressing. As of December 31,1998, the company has 173 residences in 15 states and 14 residences under construction and additional residences under development. In addition to housing, the Company provides personal care, support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services and makes nursing services available according to the individual needs of its residents and as permitted by state regulation. The combination of housing and services provides a cost efficient alternative and an independent lifestyle for individuals who do not require the broader array of medical and health services health services Managed care The benefits covered under a health contract provided by nursing facilities. This news release and statements made by or on behalf of Assisted Living Concepts related 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 statements 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. provision 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 risks and uncertainties, including those associated with the completion of the company's 1998 audit and/or the preparation restated financial statements for each quarter commencing with the second quarter of 1997 and those more fully described in the Securities and Exchange Commission reports filled by the 10-K and 10-Q. In light of such risks and uncertainties, Assisted Living Concepts' actual results could differ materially from such forward-looking statements. Prior to the filing of periodic reports relating to the restatement, Assisted Living Concepts 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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