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THE STANDISH CARE COMPANY ANNOUNCES SIGNING OF A LETTER OF INTENT TO ACQUIRE THREE ASSISTED LIVING COMMUNITIES IN NORTH CAROLINA

 BOSTON, April 7 /PRNewswire/ -- The Standish Care Company -- one of the nation's leading providers of assisted living services -- today announced that it has signed a letter of intent to acquire three assisted living communities, with a total of 142 living units, in the Piedmont area of North Carolina.
 Under the terms and conditions of the agreement, Standish Care will acquire the three communities for a purchase price of $4 million. At their current occupancy, the three communities generate annual revenues of $1,650,000 and operating cash flow of approximately $600,000. Additionally, Standish Care will have an option to purchase for $1.7 million a fourth, recently opened community in the same Piedmont, N.C., area.
 This marks the second major acquisition agreement announced by Standish Care since March 29, 1993, when management reported the signing of an agreement to purchase three assisted living communities, with a total of 174 units, in the Tidewater area of Virginia. Completion of both agreements is subject to the obtaining of financing.
 Emphasizing that Standish Care is the only publicly owned company in the fast-growing assisted living industry, Christopher W. Hollister, executive vice president and CFO, stated, "The Virginia and North Carolina acquisitions will significantly enhance our growing network of assisted living communities, bringing to 12 the total number of communities managed and/or marketed by Standish Care, and expanding our geographical coverage into a total of seven states."
 Standish Care's network of assisted living communities provides service-intensive housing for the nation's growing population of frail but functional seniors. Increasingly, the company also offers a range of healthcare services for residents requiring specialized care for head trauma, Alzheimer's, dementia, diabetes, etc.
 Boston-based Standish Care develops, owns, and manages assisted living and related communities for seniors. The company currently provides management and related services to communities in Dearborn, Mich.; Destin, Fla.; Gainesville, Fla.; York, Pa.; Chalfont, Pa.; and Providence, R.I.
 -0- 4/7/93
 /CONTACT: Michael J. Doyle, president and CEO of Standish Care, 617-266-5555; or Lory E. Roston, president of Lory Roston Associates, 212-877-8590, for Standish Care/


CO: The Standish Care Company ST: Massachusetts, North Carolina IN: HEA SU: TNM

GK-PS -- NY017 -- 3703 04/07/93 10:08 EDT
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Date:Apr 7, 1993
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