DEL MAR, Calif., Dec. 21, 2010 (GLOBE NEWSWIRE) -- American Diversified Holdings Corporation (Pink Sheets:ADHC), www.americandiversifiedholdings.com, is pleased to announce that the Company is in negotiations to acquire an Assisted Living Facility.
The merger candidate is a private company specializing in senior adult long term care and respite care services. The company provides a wide range of high quality health care services to residents and clients at its facility. the Nevada-based company boasts revenues in the $2.1 million range.
Ernest B. Remo, Chairman/CEO of ADHC, says, "This initial potential transaction will provide ADHC with the potential to make further acquisitions in the rapidly growing field combining the health care expertise of the acquired management with the financial and strategic talents of current ADHC management."
ADHC management will provide further details of this transaction in the near future.
ABOUT THE ASSISTED LIVING INDUSTRY
The U.S. nursing home and assisted living industry includes about 75,000 establishments with combined annual revenues of about $175 billion.
About one million Americans live in assisted living facilities. This number is expected to double by 2030. With the current costs to live in an assisted living facility at $3,000 to $4,500 per month, financing options like reverse mortgages are being used to fund assisted living homes.
Baby boomers represent more than 70% of all the financial assets in the United States. They want communities that remind them of home rather than institutions. With this in mind amenities being offered in the future may be more upscale like commercial kitchens, beauty salons, spas, indoor pools and pet friendly communities.
DEMOGRAPHICS
According to the U.S. Census Bureau, the number of people in the United states between the ages of 65 and 84 will increase by almost 40% between 2010 and 2020. As of 2006, retirement community residents were 69% female and 31% male. In fact, the typical resident in an assisted living facility is an 85 year old female. People over 85 years old make up the largest percentage of people in assisted living facilities.
This press release contains forward looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Act of 1995. These statements include risks and uncertainties that may cause the Company's plans to change and are in no way intended to guarantee that the Company will be successful in executing its plans. American diversified Holdings common stock currently trades on the over the counter "Pink Sheets" under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all the facts and circumstances regarding the business and financial condition and prospects of ADHC, and no inference has been made that this release contains all such information.