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THE STANDISH CARE COMPANY ANNOUNCES AN AGREEMENT OF PRINCIPLE TO DIVEST ITS GENERAL PARTNERSHIP INTEREST IN FLORIDA SENIOR LIVING COMMUNITY

THE STANDISH CARE COMPANY ANNOUNCES AN AGREEMENT OF PRINCIPLE TO DIVEST
 ITS GENERAL PARTNERSHIP INTEREST IN FLORIDA SENIOR LIVING COMMUNITY
 BOSTON, Sept. 22 /PRNewswire/ -- The Standish Care Company, Inc. (NASDAQ: STAN) today announced it has reached an agreement in principle with an unrelated third party to divest its 1 percent general partnership interest in Lakeview Estates of Sandestin, L.P., the partnership which developed the Crystal Cove at Sandestin senior living community. As part of the same transaction, Standish will also divest 19 percent of its 53 percent limited partnership interest in Crystal Cove. Finalization of the transaction is contingent, among other things, upon approval of a partnership agreement amendment by the remaining members of the limited partnership.
 Located in Destin, Fla., Crystal Cove is comprised of 80 independent living apartments and 42 assisted living units. In addition to its ongoing but more limited ownership interest in Crystal Cove, Standish Care has a management contract with the senior living community which well continue.
 Michael J. Doyle, Standish Care's president and CEO, notes that the substantial costs attendant to the start-up of Crystal Cove and non-cash depreciation charges had negatively impacted Standish Care's 1991 and 1992 income statements. "Prior to the intended divestment, our financial statements were required to reflect 100 percent of the losses generated by Crystal Cove, even though Standish owned only 54 percent of the limited partnership. However, following the divestment, no losses generated after Aug. 31, 1992, will impact our consolidated financial reporting."
 Standish Care is a leading operator in the healthcare industry's fast-growing assisted-living sector -- a service-intensive form of housing for frail but functional seniors.
 The company currently provides services in Dearborn, Mich.; Chatont, Pa.; Dover, Pa.; Gainesville, Fla.; and Destin, Fla.
 -0- 9/22/92
 /CONTACT: Michael J. Doyle, president of Standish Care Company, 617-266-5555, or Lory Roston, president of Lory Roston Associates, Inc., 212-877-8590; for Standish Care Company/
 (STAN) CO: Standish Care Company, Inc. ST: Massachusetts, Florida IN: HEA SU: TNM


PS-LR -- NY029 -- 2146 09/22/92 11:46 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
Words:336
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