FRIENDSWOOD, Texas, Aug. 5 /PRNewswire-FirstCall/ -- TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), which develops, manages and owns faith-based senior living facilities, today announced the execution of a funding agreement with a national lender for the development of a new senior living facility in the Houston, Texas metropolitan area. Funding for Trinity Woods, an 82-unit, $10 million senior living facility in Katy, Texas, should be available under the agreement this fall, with completion of construction anticipated in 2010.
"The financial strength of this lender, which has extensive experience with HUD 232 lending in the senior living industry, coupled with a very experienced land developer as our equity partner, should allow us to expedite processing of the loan for this project," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "The multi-family division of this lender has been very supportive in meeting the needs of our Company."
"Trinity Woods will represent our third senior living facility in the Houston metropolitan area," continued Sapaugh. "Katy, Texas has experienced rapid population growth in recent years and the demographics surrounding this project reflect a great need for the type of facility we are building."
"We welcome the opportunity to partner with TrinityCare in this project," noted Alan Atkinson, Managing Director of AVA Limited, which will contribute land in exchange for equity in the Trinity Woods development. "TrinityCare is gaining recognition throughout the southeastern U.S. for its development and operation of high-quality, faith-based senior living facilities that meet the lifestyle and healthcare needs of seniors, and we are proud to play a role as an equity partner in the Katy project."
"During the past two months, we have announced funding commitments for three new senior living facilities in Texas and Tennessee. The completion of these three projects in 2010 will increase the number of facilities operated by our Company by 100% and more than double the number of residential units available to seniors. We expect to announce additional funding agreements later this year, thus allowing us to fulfill our growth expectations," concluded Sapaugh.
About TrinityCare Senior Living, Inc.
TrinityCare Senior Living ("TrinityCare") develops, owns, and manages quality senior living facilities that focus on enriching the faith of the residents and providing state-of-the-art independent living, assisted living, memory care and adult day care services in a single location. The Company partners with local churches and developers for each facility and offers a wide range of both community and personal services to residents. TrinityCare is a rapidly growing company with three successful facilities currently operating in Texas and Tennessee and funding commitments for three additional facilities to be completed in 2010. Near-term expansion plans target the Southeastern part of the United States. For more information please visit www.trinitycare.com.
TrinityCare is headquartered in Friendswood, Texas (Houston metropolitan area) and its common stock trades on the OTC Bulletin Board under the symbol "TCSR".
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
For Additional Information, Please Contact: Donald W. Sapaugh, CEO, at (281) 482-9700 or RJ Falkner & Company, Inc., Investor Relations Counsel at (830) 693-4400 or via email at firstname.lastname@example.org
|SOURCE TrinityCare Senior Living, Inc.|
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