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ARV Assisted Living Inc. Amends Tender Offer for American Retirement Villas Properties III L.P.

Business Editors

COSTA MESA, Calif.--(BUSINESS WIRE)--Oct. 31, 2001

ARV Assisted Living Inc. (AMEX:SRS), the Managing General Partner of American Retirement Villas Properties III L.P., today announced an amendment to the cash tender offer that it commenced through a wholly owned limited partnership, ARVP Acquisition L.P., on Oct. 18, 2001.

The amendment to the tender offer increases both the total number of units that will be purchased and the purchase price per unit. ARVP is now offering to purchase all of the limited partnership units for a net cash purchase price of $400 per unit.

The Offer, which began Oct. 18, 2001, will expire at midnight (Eastern Time) on Thursday, Nov. 15, 2001. The Offer, as amended, is conditioned upon, among other things, there being validly tendered and not withdrawn a number of units that will constitute at least 30% of the outstanding units in ARVP III.

Founded in 1980, ARV is one of the largest operators of assisted living communities in the nation, currently operating 57 communities containing approximately 6,800 units in 10 states.

This news release is for informational purposes only. It does not constitute a solicitation/recommendation statement with respect to the tender offer for ARVP III's limited partnership units. ARVP III's unitholders will be able to obtain ARVP III's solicitation/recommendation statement for free when it becomes available at the SEC's Web site at ARV has urged the ARVP III unitholders to carefully review any such solicitation/recommendation statement prior to making any decisions with respect to the tender offer proposal.
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Publication:Business Wire
Geographic Code:1USA
Date:Oct 31, 2001
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