ILM SENIOR LIVING, INC. GIVES NOTICE OF
TERMINATION OF FACILITIES LEASE AGREEMENT
AND MAKES DIVIDEND DECISION
FOR IMMEDIATE RELEASE:
June 14, 2000, Tysons Corner, Virginia: ILM Senior Living, Inc. announced
today that it has caused its subsidiary, ILM Holding, Inc., to deliver to ILM I
Lease Corporation, an affiliate of ILM and ILM Holding, a notice stating that
pursuant to the terms of the existing Facilities Lease Agreement, the agreement
would terminate on the date of consummation of the pending merger of ILM with
Capital Senior Living Corporation (NYSE: CSU). Subject to the satisfaction of
certain conditions and the receipt of requisite approvals, consummation of the
merger is expected to occur on or about July 30, 2000.
ILM also announced that its Board of Directors has determined not to
declare any dividends on shares of ILM's common stock for the remainder of
Fiscal Year 2000. ILM cited transaction costs previously incurred and to be
incurred through closing of the pending merger with Capital and the
establishment of a reserve to fund the short-term operations of ILM's senior
living communities if the merger with Capital is not consummated. ILM also
announced that, should the merger not be consummated, its Board of Directors
would reevaluate its dividend policy.
ILM together with ILM II Senior Living, Inc. and their affiliates, own 13
senior living communities in nine states with a total resident capacity of 2,100
residents.
If you have any questions regarding this press release, please call ILM,
toll free at 1-888-257-3550.
* * *
THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" BASED ON OUR
CURRENT EXPECTATIONS AND PROJECTIONS ABOUT FUTURE EVENTS. THESE FORWARD-LOOKING
STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES WHICH COULD CAUSE
OUR ACTUAL RESULTS TO DIFFER MATERIALLY FROM HISTORICAL RESULTS OR THOSE
ANTICIPATED AND CERTAIN OF WHICH ARE BEYOND OUR CONTROL. THE WORDS "BELIEVE,"
"EXPECT," "ANTICIPATE" AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING
STATEMENTS. WE UNDERTAKE NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY
FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE
EVENTS OR OTHERWISE.
