Press Release: Senior Care Industries
April 4, 2002
LAGUNA BEACH, CA -- Mervyn A. Phelan Sr., chief executive officer of Senior Care (OTCBB:SENC), stated Wednesday
that management discovered that the brokerage house of a major shareholder of the company had been selling out
the shareholder's margin position in Senior Care stock.
We believe that this has caused the stock to fall precipitously over the last few trading days, Phelan explained.
Phelan went on to say that at present prices, Senior Care is grossly undervalued and further stated that the officers
and directors are in the market to buy.
``We're just not the kind of company that should be suffering a decline. Senior Care will be filing its annual
report later this month,'' Phelan stated. He noted, ``The fundamentals of the company have always been strong and
book value per share has not changed, remaining as reported last year at over $3.00 per share.''
Pointing to recent advances, he stated, ``Assets increased from just over $25 million to nearly $100 million during
2001.'' Also, he noted that for the most recently reported period, ``Gross income for the first nine months of
2001 was $9,427,688 as compared to income for the first nine months of the year 2000, which was $4,396,672, an
increase of 46 percent in just one year.''
About Senior Care Industries
Senior Care Industries is a specialty real estate development firm constructing a focused portfolio of real estate
uniquely designed and located to meet the needs of a growing senior citizen population. The company entitles land
it acquires in order to develop and construct age-restricted residential projects that are on the cutting edge
of design and efficiency.
In addition, Senior Care develops commercial properties that are ancillary to its senior projects. Senior Care
continues to actively seek land for development or existing large apartment complexes that can be converted to
senior housing. For additional information, see http://www.seniorcareind.com.
Forward-Looking Statements: This news release contains certain ``forward-looking'' statements within the meaning
of the Private Securities Litigation Reform Act of 1995, which provides a new ``safe harbor'' for these types of
statements.
To the extent statements in this news release involve, without limitation, product development and introduction
plans, the company's expectations for growth, estimates of future revenues, expenses, profits, cash flow, balance
sheet items, sell-through or backlog, forecasts of demand or market trends for the company's product categories
and for the industries in which the company operates, or any other guidance on future periods, these statements
are forward-looking statements.
Senior Care does not assume any obligation to update forward-looking statements.
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Contact:
Senior Care Industries
Robert Coberly, 949/376-3125
Investor Relations
Sean Anderson or Karin Case, 813/264-8830