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American Retirement Forms Pharmacy Joint Ventures; Invests in Med Management Solution

Posted on: Thursday, 23 February 2006, 15:00 CST

American Retirement Corporation (NYSE: ACR) ("ARC" or the "Company"), a leading national provider of senior living housing and care, today announced that it has entered into joint venture pharmacy agreements with one of the nation's largest institutional pharmacy providers. The joint ventures will operate institutional pharmacies in Phoenix, Dallas, San Antonio/Austin, Houston and Denver. The joint ventures will be owned 49% by the Company and will be managed by our long-term care pharmacy partner, pursuant to a long-term management contract. The pharmacies will service the five market areas, including our communities in those markets.

Additionally, the Company has made an investment in TabSafe, a private company that manufactures and markets a state-of-the-art personal medication management system for the senior market. TabSafe currently operates pharmacies in Tampa and Atlanta. The Company believes that the combination of technology to improve quality assurance in medication delivery, as well as the opportunity to be a business partner in providing pharmacy services, supports the Company's ancillary service business and quality care goals.

"We are delighted by these opportunities to improve the pharmacy services provided to our communities," said Bill Sheriff, Chairman, President and CEO of American Retirement Corporation. "The joint venture pharmacies will begin by better filling the needs of our residents and then expand into serving a much broader market. We feel partnering with a proven provider adds another strong element to our ancillary services programs."

"We are also excited with our investment in TabSafe," he added. "The TabSafe system, which is supported with a direct electronic link of data to local pharmacies, will provide our residents with enhanced drug management safety through a consumer-friendly operating system. While still early in its development, TabSafe has great potential."

Company Profile

American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors, including independent living, assisted living, skilled nursing and Alzheimer's care. Established in 1978, the Company believes that it is a leader in the operation and management of senior living communities, including independent living communities, continuing care retirement communities, free-standing assisted living communities, and the development of specialized care programs for residents with Alzheimer's and other forms of dementia. The Company's operating philosophy is to enhance the lives of seniors by striving to provide the highest quality of care and services in well-operated communities designed to improve and protect the quality of life, independence, personal freedom, privacy, spirit, and dignity of its residents. The Company currently operates 76 senior living communities in 19 states, with an aggregate unit capacity of approximately 14,300 units and resident capacity of approximately 16,000. The Company owns 27 communities (including 9 communities in joint ventures), leases 43 communities, and manages 6 communities pursuant to management agreements.

Safe Harbor Statement

Statements contained in this press release may be deemed to constitute forward-looking information made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements that are not historical statements of fact and those regarding the intent, belief or expectations of the Company or its management and are subject to risks, uncertainties, and assumptions. Important factors that could cause actual results to differ materially from the forward-looking statements made in this press release include those risks described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

Source: Business Wire

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