Capital Senior Living Corporation Executes Management Contract/Purchase Option.DALLAS -- Capital Senior Living Corporation (the "Company") (NYSE NYSE See: New York Stock Exchange :CSU See DSU/CSU. 1. CSU - California State University. 2. CSU - Cleveland State University. 3. CSU - Channel Service Unit. ), one of the country's largest operators of senior living communities, today announced it has executed a management agreement with Crescent Place 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. , Inc. ("Crescent Place"). Crescent Place is an 80 unit assisted living community to be constructed in Cedar Hill, Texas Cedar Hill is a city located sixteen miles from downtown Dallas in the southwest corner of Dallas County and the northeast corner of Ellis County in Texas and adjoined by Joe Pool Lake and Cedar Hill State Park to its west. on land adjacent to Crescent Point Retirement Community, also managed by the Company. Crescent Place is being developed by The Covenant Group of Texas ("TCG (Trusted Computing Group, Beaverton, OR, www.trustedcomputinggroup.org) The successor to the Trusted Computer Platform Alliance (TCPA), announced in 2003 by founding members AMD, HP, IBM, Intel and Microsoft. ") and is expected to be completed within the year. The management agreement will commence six months prior to the opening of the Crescent Place community and continue for a term of 15 years from the commencement date, unless terminated earlier under specified conditions. The management fee earned by the Company will be the greater of $5,500 per month or five and one-half percent of gross revenues. In addition, the Company has an option to purchase Crescent Place for a price of approximately $8.0 million, subject to certain adjustments, through May of 2012. The Company has a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. to acquire Crescent Place for a period of 15 years. "This transaction represents a further benefit to the Company from the acquisition of CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. Management, Inc. last August," said James A. Stroud This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Chairman of the Company. "The strategic alliance which Capital and The Covenant Group have formed will enable both partners to profitably expand their businesses." "TCG's leadership as a successful senior living developer is complemented by Capital's proven track record as a national operator of senior living communities," added Lawrence A. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Chief Executive Officer. "Our alliance is expected to provide Capital with a platform for additional external growth through long-term management contracts and purchase options." About the Company Capital Senior Living Corporation is one of the nation's largest operators of residential communities for senior adults. The Company's operating philosophy emphasizes a continuum of care, which integrates independent living, assisted living and home care services, to provide residents the opportunity to age in place. The Company currently operates 54 senior living communities in 20 states with an aggregate capacity of approximately 8,700 residents, including 39 senior living communities which the Company owns or in which the Company has an ownership interest, and 15 communities it manages for third parties. In the communities operated by the company, 84 percent of residents live independently and 16 percent of residents require assistance with activities of daily living. The forward-looking statements in this release are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to, the Company's ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations among others, and other risks and factors identified from time to time in our reports filed with the Securities and Exchange Commission. |
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