EXHIBIT 99.1
ILM II ANNOUNCES THAT THE MERGER WITH CAPITAL
WILL NOT BE COMPLETED AT THIS TIME
FOR IMMEDIATE RELEASE:
July 31, 2000, Tysons Corner, Virginia: ILM II Senior Living, Inc.
announced today that its pending merger with Capital Senior Living
Corporation (NYSE:CSU) will not be consummated today as previously
anticipated.
Capital has notified ILM II that it will not receive sufficient funds
under existing financing commitments from GMAC Commercial Mortgage Corporation
to complete the merger at this time.
Pursuant to the existing merger agreement, Capital is required until
September 30, 2000 to use its best efforts to obtain financing, including the
use of internal funds, to complete the merger. The terms of the merger agreement
require Capital to pay ILM II $1,540,000 if the merger does not occur on or
before September 30, 2000 if the failure to consummate the transaction is due to
Capital's inability to finance the deal.
At this time, there can be no assurance as to whether the merger will be
consummated or, if consummated, as to the timing thereof.
If you have any questions regarding this press release, please call ILM
II, 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.
