Extendicare Provides Clarification on ALC Leases with LTC Properties
MARKHAM, ONTARIO -- (Marketwired) -- 01/14/14 -- Extendicare Inc.
("Extendicare" or the "Company") (TSX:EXE) provides clarification on
a recent announcement made by LTC Properties, Inc. (LTC Properties)
that it will not be renewing the lease agreements (the "LTC Master
Leases") entered into with Assisted Living Concepts, Inc. (ALC) and
Extendicare's U.S. subsidiary, Extendicare Health Services, Inc.
(EHSI). The LTC Master Leases, which expire in December 2014, cover
37 assisted living centers operated solely by ALC and are not part of
EHSI's operations. As previously disclosed by the Company, following
the separation of ALC from Extendicare in 2006, LTC Properties
declined to remove EHSI as a co-tenant under the LTC Master Leases.
The non-renewal of the LTC Master Leases will not have any financial
impact on Extendicare's financial results or operations since only
ALC has a financial interest in the leased centers, as disclosed in
the "commitments and contingencies" note to our consolidated
Extendicare is a leading North American provider of post-acute and
long-term senior care services. Through our network of owned and
operated health care centers, our qualified and experienced workforce
of 35,500 individuals is dedicated to helping people live better
through a commitment to quality service that includes skilled nursing
care, rehabilitative therapies and home health care services. Our 245
senior care centers in North America have capacity to care for
approximately 27,000 residents.
Information provided by Extendicare from time to time, including this
release, contains or may contain forward-looking statements
concerning anticipated financial events, results, circumstances,
economic performance or expectations with respect to Extendicare and
its subsidiaries, including, without limitation, statements regarding
its business operations, business strategy, and financial condition.
Forward-looking statements can be identified because they generally
contain the words "expect", "intend", "anticipate", "believe",
"estimate", "project", "plan" or "objective" or other similar
expressions or the negative thereof. Forward-looking statements
reflect management's beliefs and assumptions and are based on
information currently available, and Extendicare assumes no
obligation to update or revise any forward-looking statement, except
as required by applicable securities laws. These statements are not
guarantees of future performance and involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements of Extendicare to differ materially from
those expressed or implied in the statements. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
Extendicare's forward-looking statements. Further information can be
found in the disclosure documents filed by Extendicare with the
securities regulatory authorities, available at www.sedar.com and on
Extendicare's website at www.extendicare.com.
Senior Vice President and Chief Financial Officer
(905) 470-4003 (FAX)
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