Press Release: Tri-National Development Corp.
April 9, 2002
SAN DIEGO, CA -- Tri-National Development Corp. (OTCBB:TNAVQ) yesterday announced that it is presently engaged
in adversarial litigation with Senior Care Industries Inc. (OTCBB:SENC) in the United States Bankruptcy Court,
Southern District of California (Case No. 01-109640H11).
At issue in this litigation is Senior Care's claim to have purchased a number of Mexican properties from TND. TND
vigorously denies Senior Care's claim, and opposes Senior Care's repeated representations to the public that the
subject Mexican properties represent assets of Senior Care. Based upon the evidence, TND expects to prevail in
this litigation in due course.
While this litigation between the parties is pending, and most significantly, without disclosing the pendency of
said litigation, Senior Care issued a March 28, 2002 press release containing false and misleading statements regarding
TND's development of property described therein as ``the Vinas de Bajamar land.''
In its March 28, 2002 press release, Senior Care implies that the subject property is inaccessible and asserts
that it is ``filled with weeds'' and that the office to be utilized by TND ``is an abandoned shack filled with
bullet holes and a floor that has fallen through to the ground from dry rot.'' In fact, the property is accessible,
with development work (including bulldozer, road construction and lot staking operations) proceeding in a timely
fashion as previously announced by TND. (Observers are welcome to visit the property to confirm the progress of
development. Additionally, photographs of work in progress are in the process of being made available on TND's
Web site: www.tri-national.com). Further, TND's office at the property is a structure totally suitable for serving
as an ``on-site'' sales office. It contains no bullets holes, and has a concrete floor, which is physically incapable
of suffering from ``dry rot.''
Senior Care additionally asserts in the same press release that ``none of the land has been subdivided into lots
and that there is no master planned community that has ever been approved by (sic) government body.'' These statements
are also false. Ensenada's Office of General Ecology and Urban Development has approved TND subsidiary Planificacion
y Desarrollo Jatay, S.A. de C.V.'s plan to develop the property and subdivision is underway.
As part of the above-described litigation pending between TND and Senior Care, Senior Care claims to own ``the
Vinas de Bajamar land'' that TND is presently developing. Michael Sunstein, president and CEO of TND said, ``Senior
Care's false and misleading statements concerning TND's development of the property appear aimed at improperly
impeding TND's development of the property, interfering with TND's relationships with potential buyers and promoting
Senior Care's position in the litigation pending between the parties. Contrary to Senior Cares false assertions,
development on Vinas de Bajamar continues to proceed as planned.''
Tri-National Development Corp. is an international real estate development, sales and management company focused
on providing up-scale affordable housing in the Baja region of Mexico and the Southwestern US.
This release contains forward-looking statements that involve risks and uncertainties. The company's actual results
could differ materially from those anticipated in these forward-looking statements as a result of various factors.
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Contact:
Tri-National Development Corp.
Jason Sunstein, 858/547-4214, Fax 858/547-4219
jason@tri-national.com