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SUMMIT CARE AGREES TO BUY A NURSING CARE CENTER IN FORT WORTH, TEXAS

SUMMIT CARE AGREES TO BUY A NURSING CARE CENTER IN FORT WORTH, TEXAS
 BURBANK, Calif., June 15 /PRNewswire/ -- Summit Care Corporation (NASDAQ: SUMC) announced today that it has signed an agreement to purchase a 240-bed nursing care center in Fort Worth, Texas for approximately $10 million. This acquisition increases the number of nursing care center beds operated by the company about 10 percent and further increases its penetration in the private pay sector. The center currently has 95 percent overall occupancy and 80 percent private occupancy.
 Subject to the satisfaction of financing and other normal contingencies, the transaction is expected to close August 1, 1992. Financing for the transaction will be arranged through a sale/leaseback with a real estate investment trust.
 William Scott, president of Summit Care, commented: "This transaction is in line with our strategy to acquire profitable nursing care centers with a high private payer mix."
 Summit Care Corporation provides quality health care services including rehabilitative care, infusion therapy and other ancillary services to the elderly through 17 nursing care centers with 2,268 beds located in California and Texas and four retirement centers with 468 beds located in California. The company also operates a full service pharmacy.
 -0- 6/15/92
 /CONTACT: June Filingeri or Robert Borchert, 212-986-5900, or Ken Dennard, 415-296-7383, all of Morgen-Walke Associates for Summit Care/
 (SUMC) CO: Summit Care Corporation ST: California IN: HEA SU: TNM


LR -- NY066 -- 0259 06/15/92 14:53 EDT
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Publication:PR Newswire
Date:Jun 15, 1992
Words:243
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