EPIC and Senior Care Enter Memorandum of Understanding to Acquire Interests in Healthcare Facilities

AUSTIN, Texas--(BUSINESS WIRE)--EPIC Corporation (OTC:EPOR - News) (the “Company”), a financial services company, announced it has entered into a Memorandum of Understanding (“MOU”) with Senior Care Group, Inc. (“Senior Care”) for the acquisition of interests in 10 healthcare facilities. Senior Care is a 501-C-3 non-profit corporation which for over 25 years has purchased, syndicated, managed and operated skilled nursing and assisted living facilities delivering care to the elderly and delivering above average returns to its investors. Currently, Senior Care is operating and managing approximately 27 healthcare facilities. The MOU provides for EPIC to acquire interests in 10 of the facilities operated by Senior Care in a series of transactions over a twelve month period. As each transaction is closed, EPIC will exchange the acquired interests with the Trust.The 10 facilities, included in the MOU, for the 12 months ending June 30, 2009 had net revenues of $71,950,000 with a net profit of $4,550,000. The MOU transactions are designed to provide the Trust with an initial source of revenue and profit, while the officers of the Trust work to acquire the investor interests in the facilities, which will produce additional income and profits.The Trust's business plan is: (1) to acquire participation in the profits from facilities operated and managed by Senior Care; (2...
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EPIC Enters Joint Venture to Form "Healthcare" REIT to Purchase and Finance Healthcare Facilities

AUSTIN, Texas--(BUSINESS WIRE)--EPIC Corporation (OTC:EPOR - News) (the “Company”), a financial services company, announced the formation of a joint venture, Hallmark Heritage, LLC, with Level 3 Capital Partners, LLC, and Senior Care Group, Inc. (“Senior Care”); the formation of Senior Care Communities Trust, Inc. (“Trust”), and, in light of entering into the joint venture, EPIC's board of directors postponed the stock dividend announced in May 2009. Senior Care is a 501-C-3 non-profit corporation which for over 25 years has purchased, syndicated, managed and operated skilled nursing and assisted living facilities delivering care to the elderly and delivering above average returns to its investors. More recently Senior Care has formed a wholly owned subsidiary currently developing new multi level senior care communities. These communities are ‘aging in place’ planned developments consisting of independent senior living, assisted living, and skilled nursing facilities, supported by on site wellness and medical office centers.The Trust is being organized to become a real estate investment trust. Its business is: (1) to own and master lease healthcare facilities operated and managed by Senior Care; (2) to provide long term financing for the facilities operated and managed by Senior Care, now and in the future; and (3) to participate in takeout financing for ...
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