Company Press Release
February 25, 2000
SAN DIEGO, CA -- Tri-National Development Corp. (OTC BB:TNAV - news) and its majority owned subsidiary, Alpine
Gardens East, Inc. (``AGE''), announced yesterday that Morgan Stanley Dean Witter (NYSE:MWD) has been named the
preferred lender for the individual mortgage financing for Youngtown Gardens. Youngtown Gardens is a 126-unit assisted
living facility in Youngtown, Arizona. The Company completed construction on two models and the main entry building
with offices and is currently 60% completed on the remaining 124 units, with an expected completion date in May
of 2000. The Company hosted a formal open house at the site, with over 1,000 visitors in attendance, to publicize
the project and the sale of its 126 condominiums for investment and owner occupied senior housing. The Company
received additional reservations, now totaling over 200, to buy the 126 condominiums at an average of $197,500
each. The 6-acre facility is expected to be built-out for under $17,000,000. AGE will operate the facility and
manage the condominiums for the investors, leasing them to seniors in need of housing.
Incorporated in the Youngtown development will be 36 units specifically for people suffering from Alzheimer's and
Dementia, which will be overseen by Dr. Javaid Sheikh. Dr. Sheikh is a world-renowned expert on geriatrics and
currently Associate Professor of Psychiatry at Stanford University. In addition to providing a separate independent
profit center for the project, the Alzheimer's and Dementia facility will provide on-site basic care to residents
of the assisted living condominiums.
Tri-National's objective is to provide high quality senior independent and assisted living services and Alzheimer's
and Dementia care in a cost-effective manner. AGE senior care facilities will offer housing and have available
basic health care and personal support for elderly residents who are in need of assistance with certain activities
of daily living but do not require the resources of a complete nursing facility.
Currently, 23% of the U.S. population requires assisted living while 95% of all assisted living beds in the U.S.
are full.
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 certain factors.
FOR MORE INFORMATION SEE WWW.TRI-NATIONAL.COM.
Tri-National Development Corp. is an international real estate development and management company.
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Contact:
Investors and Media:
The Investor Relations Group, New York
Lisa Lindberg and Dian Griesel, Ph.D.
212-736-2650
Theproteam@aol.com
or
Tri-National Development Corp., San Diego
Jason Sunstein
Phone 619-718-6370 Fax 619-718-6377
e-mail: jason@adnc.com
www.tri-national.com