Assisted Living Concepts announces sale of 1.975 million shares.PORTLAND, Ore.--(BUSINESS WIRE)--July 3, 1996--Assisted Living Concepts Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ALF ALF - Algebraic Logic Functional language ) announced today the sale of 1,975,000 shares of common stock at a price of $19.00 per share. Of the total, 175,000 were offered by shareholders. The shares of common stock are being underwritten by lead manager NatWest Securities Limited and co-managers Dean Witter Reynolds Dean Witter Reynolds was an American stock brokerage catering to the middle class. In 1997, it merged with the Morgan Stanley Group to form Morgan Stanley Dean Witter. The amalgamated firm is now known as Morgan Stanley. Inc. and Smith Barney Inc. Following the offering, the company will have a total of 4,813,334 shares outstanding. The company has granted the underwriters an option to purchase an additional 296,250 shares to cover over-allotments, if any. The company expects to raise net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $32.1 million from the offering and intends to use these net proceeds to finance the development and construction 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. residences including the 20 residences currently under construction and the development of 41 sites subject to land purchase option agreements. Assisted Living Concepts Inc. develops, owns, leases and operates assisted living residences, an increasingly popular form of housing for senior citizens who, although generally ambulatory, need help with the activities of daily living. In addition to housing, the company provides personal care and support services, and makes available routine nursing services (as permitted by applicable government regulations) designed to meet the needs of its residents. The company believes that this combination of housing, personal care and support services provides a cost-efficient alternative and affords an independent lifestyle for individuals who do not require the broader array of medical services that nursing facilities are required by law to provide. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offer is made solely in the prospectus, a copy of which may be obtained from the aforementioned underwriters. CONTACT: Assisted Living Concepts Inc., Portland Keren Brown Wilson, 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. Stephen Gordon, CFO See Chief Financial Officer. , 503/252-6233 |
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