SOURCE: TrinityCare Senior Living, Inc.

TrinityCare Senior Living, Inc.

April 19, 2010 10:33 ET

TrinityCare Senior Living Provides Update on Strategic Expansion Plans

Seymour, Crossville and Katy Plans Modified Due to Changes in HUD 232 Loan Pre-Application Process

FRIENDSWOOD, TX--(Marketwire - April 19, 2010) - TrinityCare Senior Living, Inc. (OTCBB: TCSR), which develops, manages and owns faith-based senior living facilities, today announced a modification of its plans to expand into certain markets, in light of recent changes in the pre-application process for HUD 232 loans.

The LEAN program administered under the U.S. Department of Housing and Urban Development ("HUD") has announced a number of changes since December 18, 2009, some of which the Company believes will have a direct impact on its ability to expand rapidly. In particular, TrinityCare Senior Living and the land owners in Seymour, Tennessee and Crossville, Tennessee have begun pursuing alternative senior debt strategies for construction and development of senior living facilities in those markets. The Company will continue to work with Deutsche Bank Berkshire Mortgage should these projects ultimately pursue a "direct to firm" process.

Katy, Texas represents one of the most stable economic markets in the United States. For several months, the Company has been working towards the submission of a pre-application with a national lender. The pre-application was not submitted prior to the termination of the pre-application process by HUD. As a result, the previous association with AVA, Limited has been terminated, and TrinityCare Senior Living has entered into a verbal commitment for a similar tract of land within a short distance from the property previously identified for development.

"While we remain committed to these three projects, due to timing issues, it is apparent that we must explore multiple financing paths to the successful development of senior living facilities in these markets," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "The land owners in Tennessee remain committed, as does our new land owner/partner in Katy, Texas. While this represents a detour from our previous strategy, the timing in closing a HUD 232 loan has become daunting, and we are hopeful that new strategies will allow us to finance and construct projects in a more timely fashion."

About TrinityCare Senior Living, Inc.

TrinityCare Senior Living ("TrinityCare") develops, owns, and manages quality senior living facilities that focus on enriching the faith of the residents and providing state-of-the-art independent living, assisted living, memory care and adult day care services in a single location. The Company partners with local churches and developers for each facility and offers a wide range of both community and personal services to residents. TrinityCare is a rapidly growing company with three successful facilities currently operating in Texas and Tennessee. Near-term expansion plans target the Southeastern part of the United States. For more information please visit www.trinitycare.com.

TrinityCare is headquartered in Friendswood, Texas (Houston metropolitan area) and its common stock trades on the OTC Bulletin Board under the symbol "TCSR."

Forward-Looking Statements
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.

Contact Information

  • For Additional Information, Please Contact:
    Donald W. Sapaugh, CEO
    (281) 482-9700
    or
    RJ Falkner & Company, Inc.
    Investor Relations Counsel
    (830) 693-4400 or via email at info@rjfalkner.com