CAREMATRIX
CORPORATION ANNOUNCES
SHARE REPURCHASE PROGRAM
Needham, MA, February 17, 1999
CareMatrix Corporation (AMEX: CMD), a
fully integrated assisted living company, today
announced that its Board of Directors has
authorized a share repurchase program in which
the Company will offer to purchase up to one
million shares of its outstanding common stock
from time to time in open market
transactions.
Abraham D. Gosman, Chairman of
CareMatrix Corporation, commented, "We
consider the shares of CareMatrix undervalued at
current levels and this action reiterates our
confidence in the future growth prospects of the
Company, especially in light of the strong 1998
results announced yesterday. The Company
announced that it had doubled revenues and
nearly tripled earnings in 1998 as compared to
1997.
CareMatrix Corporation 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.
EDITOR’S NOTE: This
release is available on the Internet at
