Exhibit 99.1
CONTACT:
------------------------------------------ ------------------------------
Elizabeth Derrico
FOR IMMEDIATE RELEASE 781-433-1137
CAREMATRIX CORPORATION ANNOUNCES MICHAEL J. ZACCARO
ELECTED CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Needham, MA, December 8, 2000 - CareMatrix Corporation (CMDCQ), a fully
integrated assisted living company, today announced that Michael J. Zaccaro has
been elected to the Board of Directors of the Company and will serve as Chairman
and has been elected to the position of Chief Executive Officer. Mr. Zaccaro has
over twenty years' experience in operations and development in the health care
industry and has served as the President of CareMatrix since February, 2000.
CareMatrix Corporation is a leading provider of senior housing services
including assisted living, supportive independent living and specialized
programs for people with Alzheimer's disease.
The Company is currently in a bankruptcy proceeding. All documents filed with
the bankruptcy court are available to the public. The bankruptcy proceedings may
affect the interest of shareholders in the Company. The Company advises you to
seek the assistance of professionals knowledgeable about the bankruptcy
proceedings when making investment decisions concerning the Company.
This release contains forward-looking statements regarding the Company's future
plans, operations and prospects. The Company's actual results could differ
materially from the results anticipated in these forward looking statements as a
result of uncertainties, including risks relating to this transaction, as well
as, demand, pricing, competition, construction, and other factors identified in
the Company's filings with the Securities and Exchange Commission.
