Press Release: Senior Care Industries Inc.
October 8, 2001
LAGUNA BEACH, CA -- Management for Senior Care Industries Inc. (OTCBB:SENC) Oct. 4 expressed satisfaction that
its stock price has rebounded following margin calls that caused a short term dip in the stock last week.
Bob Coberly, Senior Care's vice president in charge of development, announced that the board of directors approved
a joint venture with Southern Sun Construction Co. of Irvine, Calif., to form Senior Care Construction Co. The
new construction entity will immediately begin construction of 55 townhomes in Las Vegas, and the first phase of
construction on Senior Care's San Jacinto project, where 223 homes will be built for seniors near Palm Springs,
Calif.
Southern Sun Construction has been in business for more than 22 years in Orange County, Calif., and has built numerous
multi-residential development projects throughout California, Texas and Arizona. The company has built more than
2,500 homes during the last several years. It received the Golden Nugget Award as well as the Pillars of Industry
Award for its Strathern Park Development project in Sun Valley, Calif. That particular project was financed by
HUD and consisted of 241 units in 17 buildings completed within 14 months.
This is only 1 of 30 HUD projects completed by the company. It also has in excess of $20 million in bonding capacity
and is fully insured. Southern Sun was selected by Senior Care to become its joint building partner after a long
search for a quality builder in the Southwestern United States that had extensive experience in building the types
of projects that Senior Care envisions.
Merton Isaacman of Southern Sun stated that he was pleased that the Senior Care board had approved the new relationship
and said that he looks forward to a long and profitable future. Coberly went on to state that Southern Sun expects
to begin grading for pad sites, streets, curbs and gutters on the townhome project in Las Vegas, known as Flamingo
55, as early as Nov. 1, 2001.
All Senior Care properties are developed for the senior market and feature Senior Care's ``smart home'' technology.
In addition to the projects discussed above, Senior Care also has an apartment complex for seniors scheduled for
building in Albuquerque, N.M., is currently selling condominiums at its Evergreen Manor II project in Los Angeles,
and will soon start formal development of its projects in Baja California.
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:
Investor Relations Network
Tom Gavin, 909/279-8884
tom@irnonline.com