Needham, MA, January 14, 1998 – CareMatrix Corporation (AMEX: CMD), a fully integrated assisted living company, today announced lease agreements for seven premier retirement facilities totaling 685 units in southwestern Connecticut developed and owned by David Reis. Two of the facilities, located in Avon and Woodbridge, are scheduled to open in the second quarter of 1998 and facilities in Milford and Hamden are scheduled to open in the fourth quarter of 1998. Other facilities in Orange, Cheshire and North Haven are currently in the development process. The lease agreements are for fifteen years with options for an additional twelve years.
Robert M. Kaufman, Chief Executive Officer of CareMatrix Corporation, commented, "We are extremely excited about the lease agreements for these seven premier facilities. This transaction supports our corporate strategy of increasing our presence within each of our markets to realize the benefits of significant operating and marketing synergies. These facilities, combined with our current facilities in operation and development, will increase the number of units in Connecticut to approximately 1,500." Mr. Kaufman further stated, "We are now the dominant provider of senior housing services in one of the strongest retirement regions in the country. This further enhances our presence in the metropolitan New York market, our largest cluster market, with over 3,500 units in operation and development."
CareMatrix is a leading provider of senior housing services, including assisted living, supportive independent living and specialized programs for people with Alzheimer's disease.
This release contains forward-looking statements regarding the Company's future plans, operations and prospects. The Company's actual results could differ materially from the results anticipated in these forward looking statements as a result of uncertainties, including risks relating to demand, pricing, competition, construction, and other factors identified in the Company's filings with the Securities and Exchange Commission.
