Press Release: Senior Care Industries
July 10, 2002
LAGUNA BEACH, CA -- Senior Care Industries Inc. (OTCBB:SENC) Tuesday announced that its counsel in San Diego has
demanded a retraction from bankrupt Tri-National Development Corp.(TNAVQ) for making false claims under the guise
of a press release on July 1, 2002.
Senior Care's counsel, Richard Norton of the San Diego firm of Norton & Adams, stated in a letter to bankruptcy
counsel for Tri-National that the Tri-National press release issued by that company on July 1, 2002 contained numerous
false representations of fact and took numerous other events and statements out of context in order to place Senior
Care in a false light.
Counsel noted that the press release was clearly retaliation against Senior Care resulting from the Bankruptcy
Court's ruling denying summary adjudication of Tri-National's claims in Senior Care's lawsuit against that company
and the court's rejection of Tri-National's arguments claiming that Senior Care had no interest in Tri-National
properties in Mexico.
Counsel demanded an immediate retraction of statements made by Tri-National's management that Senior Care's claim
to ownership to the properties in Mexico are "false claims" and the Mexican properties are "falsely
claimed assets."
A retraction was further demanded for statements made in the press release which claimed that Senior Care has made
"false representations" to the public regarding the properties being "assets" of Senior Care
International and falsely asserted that Senior Care "disregarded" reporting requirements of the Securities
and Exchange Commission.
Robert Coberly, spokesman for Senior Care, stated that contrary to the false accusations made by Tri-National in
its press release of July 1, 2002, "the truth is that Senior Care International has always had equitable title
to the properties in Mexico since contracts for deed were executed in May of last year and those contracts are
valid and enforceable."
Coberly went on to say that since the Bankruptcy Court ruled that it has no jurisdiction over the Mexican properties,
Senior Care International is now free to move ahead with development of its properties in Mexico.
Coberly further stated that Senior Care had, indeed, reported to the Securities & Exchange Commission that
on May 29, 2002, that Senior Care sold its stock in Senior Care International to a group of prominent Mexican business
people for a base sale price of $70,229,055 U.S. payable over a period of four years.
Interest on the deferred payment amount has been added onto the face amount of a series of promissory notes issued
by the buyer in favor of a newly formed Mexican corporation wholly owned by Senior Care.
The contracts allow for certain price adjustments and reimbursements for amounts paid by Gold Coast in the event
of the inability of Gold Coast to develop any of the properties to which Senior Care International has claim. Also,
the price may be adjusted depending upon the extent of and validity of liens against the properties to which Senior
Care International has claim.
As a part of the transaction, Senior Care International is transfering $100,000 U.S. into an account in the name
of the buyer in Mexico to be used to defend the contracts for deed owned by Senior Care International in the Mexican
courts.
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