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ARV Assisted Living, Inc.
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NEWS RELEASE
[ARV LOGO]
FOR IMMEDIATE RELEASE
CONTACT: Mitch Gellman
Director of Investor Relations
714/435/4322
E-Mail: [email protected]
ARV ASSISTED LIVING WINS SIGNIFICANT COURT VICTORY
- EMERITUS'S PRELIMINARY INJUNCTION REQUEST IS DENIED IN ITS ENTIRETY -
Costa Mesa, Calif. - January 27, 1998 - ARV Assisted Living, Inc.
(Amex:SRS) announced today that the California State Court denied, in its
entirety, Emeritus Corporation's request for a preliminary injunction yesterday.
Emeritus had sought to rescind a series of transactions that culminated in an
$87 million investment in ARV by an affiliate of Lazard Freres Real Estate
Investors LLC. Alternatively, Emeritus tried to prevent Lazard from voting the
approximately 4.3 million shares it received in December 1997 when ARV redeemed
convertible notes it previously issued to Lazard.
Howard Phanstiel, ARV's Chairman and Chief Executive Officer, said: "We
are ecstatic about the court's decision because we can pursue important
initiatives we believe will enhance shareholder value." Mr. Phanstiel also said:
"The illusory nature of the Emeritus offer was proven once again. Emeritus
promised investors $17.50 per
-more-
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share in immediate cash, if its slate was elected, but stated its tender offer
was conditioned upon the Court's enjoining the issuance of shares to Prometheus
in December 1997.
"In the court hearing yesterday, Emeritus voluntarily withdrew its claim
for rescission of the Lazard transactions from its request for a preliminary
injunction proving - what we have believed all along - that the Emeritus offer
of $17.50 in immediate cash was smoke and mirrors."
ARV Assisted Living, Inc. was founded in 1980. The Company is one of the
nation's leading providers of assisted living. ARV operates 49 communities
containing about 6,300 units in 10 states. It has five communities containing
633 units under construction in Florida, Massachusetts and Nevada.
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