Extendicare Provides Clarification on ALC Leases with LTC Properties
14 Janvier 2014 - 10:01PM
Marketwired
Extendicare Provides Clarification on ALC Leases with LTC
Properties
MARKHAM, ONTARIO--(Marketwired - Jan 14, 2014) - 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 financial
statements.
About Us
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.
Forward-looking Statements
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.
Extendicare Inc.Dylan MannSenior Vice President and Chief
Financial Officer(414) 908-8623(905)
470-4003dmann@extendicare.comwww.extendicare.com
Extendicare (TSX:EXE)
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