Indictment of Principal of Tri-National Guarantor Prompts Senior Care to Withdraw Tender Offer to Tri-National Shareholders.Business Editors & Real Estate Writers LAGUNA BEACH Laguna Beach (ləg  `nə), city (1990 pop. 23,170), Orange co., S Calif., on the Pacific coast; founded 1887, inc. 1927. , Calif.--(BUSINESS WIRE)--Nov. 26, 2001 Senior Care Industries Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SENC SENC Société en nom collectif (French: general partnership) SENC Software Experiment in the NC production environment ) today announced that it has filed a request with the Securities & Exchange Commission to withdraw its Registration Statement and Tender Offer to shareholders of Tri-National Development Corp. (OTCBB:TNAV) which Senior Care made last May. The request to the commission stated that the action was directly prompted by the indictment by state regulators of principals of New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. International Surety Inc. who have been acting as guarantors for Tri-National debt. Bob Coberly, vice president of Senior Care, explained that a federal grand jury in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. Richard Rienstra of New England International Surety who is awaiting extradition from Belgium for allegedly defrauding investors of $23.3 million in the sale of bogus insurance backed promissory notes. He went on to say that many of the notes sold by Tri-National were allegedly backed by New England and that Tri-National has been named as a civil defendant in related regulatory action in Louisiana and other states that are similar in nature. Senior Care management concluded that Tri-National's reputation as a going concern has been so tainted by this and by what Coberly described as "massive unexplained issues of common stock" by Tri-National within the last year which have never been satisfactorily explained in their annual report or at any other time, made it impossible for Senior Care to continue seeking 51% control through a tender. He did say that Senior Care intends to take an active role in the formal reorganization process of Tri-National in the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. where a Chapter 11 reorganization is pending. Senior Care will seek to restructure Tri-National's current management, restructure its debt and redefine stockholder equity in such a way that the watered down stock issued over the last year to Michael Sunstein, his son and others in management as well as management controlled entities can be eliminated. "Our interest in Tri-National remains as strong as ever," Coberly stated. "We are moving in a different direction now that Tri-National is in bankruptcy." Senior Care is a developer of homes for seniors in the Southwestern United States and in Baja California. All Senior Care properties are developed for the senior market and feature Senior Care's "smart home" technology. The company currently is developing properties in Las Vegas and in California outside of Palm Springs. In addition to those projects, Senior Care also has an apartment complex for seniors scheduled for building in Albuquerque, N.M., is currently selling condominiums at its Evergreen Manor II project in Los Angeles, and will soon start formal development of its projects in Baja California. Forward-Looking Statements: This news release contains certain "forward-looking" statements 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, which provides a new "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. " for these types of statements. To the extent statements in this news release involve, without limitation, product development and introduction plans, the company's expectations for growth, estimates of future revenues, expenses, profits, cash flow, balance sheet items, sell-through or backlog, forecasts of demand or market trends for the company's product categories and for the industries in which the company operates, or any other guidance on future periods, these statements are forward-looking statements. Senior Care does not assume any obligation to update forward-looking statements. |
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