KENNETT SQUARE, Pa., July 30 /PRNewswire/ -- ElderTrust (NYSE: ETT), an
equity healthcare REIT, today announced that its Board of Trustees has
appointed D. Lee McCreary, Jr., Chief Financial Officer, to the additional
positions of acting President and Chief Executive Officer. Mr. McCreary
replaces Edward B. Romanov, Jr., who resigned all positions with the Company
and its subsidiaries, including as President and Chief Executive Officer and
as a trustee of the Company, in order to pursue other business interests.
"Lee McCreary has served as the Company's Chief Financial Officer since
the Company's formation in September, 1997. I, along with the other members
of the Board of Trustees, look forward to working with him in his new role as
acting President and Chief Executive Officer," said Michael R. Walker,
Chairman of the Board of Trustees of the Company. "His number one priority
will be to continue to address the refinancing of the Company's credit
facility currently provided by Deutsche Bank."
In commenting on his departure, Mr. Romanov said, "My primary interests
have always centered around the creation of new projects and enterprises.
While I have thoroughly enjoyed my involvement in the creation of the Company
and working with an incredibly dedicated and professional staff, I am excited
about pursuing new opportunities in real estate and wish the Board of Trustees
and Lee McCreary the best for the future of the Company."
In connection with Mr. Romanov's resignation, the Company also announced
that it had entered into a separation agreement with him, which, among other
things, cancels indebtedness in the amount of $2.6 million owed by Mr. Romanov
to the Company and contains certain other provisions relating to his
continuing ownership of Company common shares and operating partnership units.
The cancellation of indebtedness is reflected as an expense in the Company's
financial statements for the three and six months ended June 30, 1999.
ElderTrust is a real estate investment trust that invests in real estate
properties used in the healthcare services industry, principally along the
East Coast of the United States. Since commencing operations in January 1998,
the Company has acquired direct and indirect interests in 31 buildings and has
loaned $52 million in construction and term financing on nine additional
healthcare facilities.
Certain matters discussed within this press release may be deemed to be
forward-looking statements within the meaning of the Private Securities Act of
1995. Although ElderTrust believes the expectations reflected in such
forward-looking statements are reasonable assumptions, it can give no
assurance that its expectations will be attained. Factors that could cause
actual results to differ materially from ElderTrust's expectations include
real estate conditions, the Company's ability to refinance its existing bank
credit facility, changes in the economic conditions and other risks detailed
from time to time in the Company's SEC reports and filings. The Company
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
For more information on ElderTrust via fax at no charge, please dial
1-800-PRO-INFO and enter ticker symbol ETT, or visit ElderTrust's Web site at
http://www.eldertrust.com .
SOURCE ElderTrust
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Related links:
http://www.eldertrust.com
CONTACT:
D. Lee McCreary, Jr., Acting President &
Chief Executive Officer, Chief Financial Officer of ElderTrust,
610-925-4200
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