Overview and Background -----------------------

The Company is an owner and operator of private-pay assisted living communities including stand-alone Alzheimer's care communities. Assisted living is part of a spectrum of long-term care services that provide a combination of housing, personal services and health care designed to respond to elderly individuals who require assistance with activities of daily living in a manner that promotes maximum independence.

The Company's growth strategy had been based upon the premise that high-quality assisted living services can be more appropriately and efficiently provided in its prototypical designed...