SOURCE: LifeHouse Retirement Properties Inc.

March 16, 2006 17:14 ET

LifeHouse Retirement Properties, Inc. Elects New Chief Operating Officer and Chief Financial Officer

LOS ANGELES, CA -- (MARKET WIRE) -- March 16, 2006 -- Mr. Lou Andriotti, President of LifeHouse Management Services, Inc., a wholly owned subsidiary of LifeHouse Retirement Properties, Inc. (OTC: LHRP), was named by the Board of Directors of LHRP to become the parent Company's new Chief Operating Officer. Mr. Andriotti has been with LHRP since September 2004, managing the operations of the Company's facilities, focusing on human and organizational systems, branding strategy, and quality excellence. Mr. Andriotti commented, "I took this job because I know how important assisted living settings are to seniors and their families, and because I want to make a difference in improving our community-based health care system. We are working hard to ensure affordable access to care, and that our elderly and disabled receive the highest quality care they need and deserve." Mr. Rowan Farber, LHRP President and CEO, commented that, "As the Company accelerates its acquisition strategy we need a COO with Mr. Andriotti's proven operating track record and a turn-around specialist. Mr. Andriotti brings significant depth of experience in cross-cultural team working and organizational development to efficiently and profitably integrate the LifeHOUSE quality programs, systems, and service standards in our new communities."

Mr. Tracy Clark, who has been with the company for almost three years, has been appointed by the Board of Directors to be Chief Financial Officer. Mr. Clark has served as the CFO with previous employers, was an award winning commercial lender, and brings over twenty years of experience as a senior level executive to the position. Mr. Rowan Farber also commented that, "Mr. Clark is a fundamental contributor to our acquisition strategy. In his former role as a commercial lender he developed excellent auditing, underwriting and due diligence skills. Mr. Clark's strength also includes his ability to take newly acquired operations and quickly bring them up to speed with quality financial reporting and internal control systems and to restructure their financing with more advantageous terms."

Mr. David Todt, one of the original LHRP founders, and the Company's former CFO, will continue as a Director and Secretary/Treasurer of the Company, focusing on new business development.

LifeHouse Retirement Properties, Inc., is focused on strategic acquisitions of senior assisted and independent living facilities in the U.S. The Company's platform provides a strong acquisition team with significant experience in investment banking, finance, and transaction completion; and a high performance operating team with proven effectiveness in human and organizational systems, health care, hospitality, construction, and real estate, particularly effective in turnaround operations of under performing properties or entire business units and launching of start up companies and new brand extensions. The Company owns and operates eight communities and has approximately 600 units and 500 full-time and part-time employees.

Contact Information

  • Contact:
    David Todt
    Investor Relations
    LifeHouse Retirement Properties Inc.
    Phone: (800) 782-6162
    Fax: (641) 470-1491