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STANDISH CARE COMPANY ANNOUNCES SIGNING OF A PURCHASE AND SALE AGREEMENT FOR THE ACQUISITION OF THREE ASSISTED LIVING COMMUNITIES IN VIRGINIA

 BOSTON, March 29 /PRNewswire/ -- The Standish Care Company, the Boston-based operator of assisted living communities today announced that a purchase and sale agreement has been signed, subject to final due diligence and financing, covering the acquisition of three assisted living communities encompassing a total of 174 living units in the Tidewater area of Virginia.
 Under the terms and conditions of the agreement, Standish Care will own 80 percent of the three communities for a purchase price of $6.5 million. The communities currently generate $2.5 million in annual revenue, and have an operating cash flow of $800,000, based on their current occupancy rate of approximately 78 percent.
 Standish Care President and CEO, Michael J. Doyle, says that the company plans to provide assisted living services to the residents of the three communities. "We also anticipate being able to increase annual revenues and cash flow as a result of the higher occupancy attracted by the quality of our assisted living services, as well as by the availability of the many specialty health care services that we are able to offer."
 Standish Care is a leader in the healthcare industry's fast growing assisted living sector, a service-intensive form of housing for frail but functional seniors.
 Boston-based Standish Care develops, owns and manages assisted living and related communities for seniors. Standish Care currently provides management and related services to senior living communities in Houston; Dearborn, Mich.; Destin, and Gainesville, Fla.; York and Chalfont, Pa.; and Providence, R.I.
 -0- 3/29/93
 /CONTACT: Michael J. Doyle, president and CEO of Standish Care Company, 617-266-5555, or Lory Roston, president of Lory Roston Associates, 212-877-8590, for Standish Care Company/


CO: Standish Care Company ST: Massachusetts, Virginia IN: HEA SU:

AH-TS -- NY067 -- 0546 03/29/93 13:06 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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