Boards of Standish Care Company and CareMatrix approve merger.BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Mass.--(BUSINESS WIRE)--July 10, 1996--The Standish Care Company ("Standish")(Nasdaq: STAN; STANP) announced today that their board of directors has voted to approve the merger agreement with CareMatrix Corp. ("CareMatrix") of Needham Needham (nēd`əm), town (1990 pop. 27,557), Norfolk co., E Mass., a suburb of Boston; founded 1680, set off from Dedham and inc. 1711. Although largely residential, paper products, electronic equipment, software, and other items are manufactured there. , Mass. and to recommend that the shareholders of Standish also vote to approve the merger at their meeting in October October: see month. of this year. The board of directors of CareMatrix also voted today to approve the merger. CareMatrix, a privately-held 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. company, is controlled by Abraham Abraham [according to the Book of Genesis, Heb.,=father of many nations] or Abram (ā`brəm) [Heb.,=exalted father], in the Bible, progenitor of the Hebrews; in the Qur'an, ancestor of the Arabs. D. Gosman and his two sons, Andrew and Michael. Under the agreement, Standish, as the surviving company surviving company The company that emerges in control following a business combination. The surviving company is generally one of the firms entering the combination but may be a new company formed by the combination. in the merger, will acquire all of the assets and operations of CareMatrix and will issue 50 million shares of its common stock to CareMatrix's stockholders. Michael J. Doyle, chairman and chief executive officer of Standish said, "We are pleased with the progress being made on this merger. The unanimous approval from both boards of directors demonstrates their recognition of the potential strength of the combined companies." "By combining the strengths of both companies," continued Andrew D. Gosman, president of CareMatrix, "Standish and CareMatrix have the potential to achieve a level of growth that would exceed what each company could do independently. The combination of Standish's existing portfolio with CareMatrix's development projects makes the merged company a premier player in the assisted living industry." Headquartered in Burlington, Mass., Standish specializes in acquiring, developing, operating and managing assisted living communities and currently provides these services to 14 communities in six states. CONTACT: The Standish Company Michael J. Doyle, 617/270-4500 or CareMatrix Corp. Andrew D. Gosman, 617/433-1000 |
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