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STANDISH CARE ENTERS INTO LEASE/MANAGEMENT AGREEMENT WITH GAINESVILLE, FLA. RETIREMENT CENTER

 STANDISH CARE ENTERS INTO LEASE/MANAGEMENT AGREEMENT
 WITH GAINESVILLE, FLA. RETIREMENT CENTER
 BOSTON, June 29 /PRNewswire/ -- The Standish Care Company (NASDAQ: STAN) today announced that it has entered into an agreement for an undisclosed amount to lease and manage the Bailey Retirement Center in Gainesville, Fla., for an initial two-year period.
 Michael J. Doyle, Standish Care's president and CEO, said, "The Bailey Center is a very desirable facility, and we expect that it will become another highly profitable operation for the company." He added that during the term of the lease he expects Standish Care to exercise an option to buy the Bailey Retirement Center.
 Standish Care is a leading operator in the fast-growing assisted- living sector of the healthcare industry -- a service-intensive form of housing for frail but functional seniors. The company has developed a successful strategy for the delivery of superior and cost-effective care by, among other things, adding or upgrading assisted-living facilities in existing retirement centers.
 "In each retirement center where we have installed our management team and added assisted-living units, we have markedly improved both occupancy rates and cash flow," Doyle said. "This 120-unit Gainesville facility fits nicely into our proven growth plan."
 Boston-based Standish Care develops, owns, and manages assisted- living communities for seniors. The company currently provides services in Houston; Dearborn, Mich.; Destin, Fla.; and now, Gainesville, Fla.
 -0- 6/29/92
 /CONTACT: Michael J. Doyle, president and CEO of Standish Care, 617-266-5555, or Lory Roston of Lory Roston Associates, 212-877-8590, for Standish Care/
 (STAN) CO: Standish Care Company ST: Massachusetts IN: HEA SU:


SM-OS -- NY035 -- 4655 06/29/92 11:08 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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