ElderTrust Completes Transactions with Genesis and Multicare Finalizes Bank Credit Facility Extension.Business Editors KENNETT SQUARE, Pa--(BUSINESS WIRE)--Feb. 2, 2001 ElderTrust (NYSE NYSE See: New York Stock Exchange :ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ), an equity healthcare REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , today announced that it has successfully completed the previously announced transactions with Genesis Health Ventures, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :GHVIE.OB) and The Multicare Companies. Concurrent with the completion of these transactions the Company also finalized the extension of its Bank Credit facility maturity date to August 30, 2002. Details of the transactions with Genesis and Multicare are available in the Company's press release dated November 22, 2000. Details of the Bank Credit Facility extension are available in the Company's press release dated December 19, 2000. "The completion of these agreements today marks the end of a year-long effort to address our transactions with these financially troubled customers," said D. Lee McCreary, Jr., ElderTrust's President and Chief Executive Officer. Mr. McCreary added, "Let me also take this time to thank the many people involved in completing these transactions; people whose efforts and dedication to reaching a successful resolution of many difficult issues is the real story behind today's achievement." The Company is continuing to renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. with the holders of the two mortgage notes that have been in default. ElderTrust is a real estate investment trust that invests in real estate properties used in the healthcare services industry, principally along the East Coast of the United States The "Eastern Seaboard," or "Atlantic Seaboard" are terms referring to the easternmost coastal states in the United States. They touch the Atlantic Ocean and stretch up to Canada. . Since commencing operations in January 1998, the Company has acquired direct and indirect interests in 32 buildings and has loans outstanding of $15 million, net of allowance, in construction and term financing on five additional healthcare facilities. Certain matters discussed within this press release may be deemed to be 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. within the meaning 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. Although ElderTrust believes the expectations reflected in such forward-looking statements are reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from ElderTrust's expectations include the extent to which Genesis and Multicare continue to make lease and loan payments to the Company, the Company's ability to further extend or refinance its Bank Credit Facility when it matures in August 2002, real estate conditions, changes in the economic conditions and other risks detailed from time to time in the Company's SEC reports and filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. For more information on ElderTrust visit ElderTrust's website at www.eldertrust.com |
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