FRIENDSWOOD, Texas, July 22 /PRNewswire-FirstCall/ -- TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), which develops, manages and owns faith-based senior living facilities, today announced the execution of a six-month extension of its construction/mini-perm loan with Trustmark National Bank. As the construction lender for the Trinity Shores senior living facility in Port Lavaca, Texas, Trustmark National Bank initially provided a mini-perm loan that expires in July 2009. With this extension, TrinityCare believes it can achieve the occupancy and debt coverage ratios necessary to refinance after three years under the HUD 232 loan program.
"Trustmark has been an excellent lender, and we are pleased with our relationship and our ability to satisfy the requirements for an extension of the loan's maturity, as we await the time requirement to apply for the HUD loan guarantee," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "We have worked with Trustmark on two of our facilities and have been delighted with our joint ability to create satisfactory outcomes for all parties involved. In the current financial climate where many borrowers have adversarial relationships with their lenders, we can report a very favorable one."
"Trinity Shores, the smallest facility in the TrinityCare system, represents the Company's first entry into a tertiary market. Resident occupancy levels continue to improve, and we are pleased with the facility, our staff and the very positive response of the regional community along the Texas Gulf Coast," continued Sapaugh.
"We have had a very positive relationship with TrinityCare, and we believe their philosophy towards senior care in quality facilities provides a wonderful opportunity for those living in the Port Lavaca area," stated Spence Bridges, Senior Vice President and Commercial Real Estate Manager for Trustmark National Bank in Houston.
About Trustmark National Bank
Trustmark National Bank is a wholly-owned subsidiary of Trustmark Corporation (Nasdaq: TRMK), a financial services company with $9.8 billion in assets that provides banking and financial solutions through over 150 offices and 2,600 associates in Florida, Mississippi, Tennessee and Texas.
About TrinityCare Senior Living, Inc.
TrinityCare Senior Living, Inc. ("TrinityCare") develops, owns, and manages quality senior living facilities that focus on enriching the faith of the residents and providing state-of-the-art independent living, assisted living, memory care and adult day care services in a single location. TrinityCare partners with local churches and developers for each facility and offers a wide range of both community and personal services to residents. TrinityCare is a rapidly growing company with three successful facilities currently operating in Texas and Tennessee. Near-term expansion plans target the Southeastern part of the United States. For additional information, please visit www.trinitycare.com.
TrinityCare is headquartered in Friendswood, Texas (Houston metropolitan area), and its common stock trades on the OTC Bulletin Board under the symbol "TCSR."
Forward-Looking Statements
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
For Additional Information, Please Contact:
Donald W. Sapaugh, CEO, at (281) 482-9700
or
RJ Falkner & Company, Inc., Investor Relations Counsel,
at (830) 693-4400 or via email at info@rjfalkner.com
SOURCE TrinityCare Senior Living, Inc.
