KENNETT SQUARE, Pa., Oct. 14 /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 positions of
President and Chief Executive Officer. Mr. McCreary has been serving as
acting President & Chief Executive Officer since July 29, 1999. In addition,
Mr. McCreary has been named to the Board of Trustees.
"Having been with the Company since its inception, I am enthusiastic about
taking on these roles and responsibilities," said Mr. McCreary. "As a company
we face significant challenges in a difficult environment. However, we
continue to make strides toward refinancing our Bank Credit Facility, a
project that will remain our top priority until it is completed."
"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, are confident in Lee's abilities and look forward to
working with him in his new roles of President and Chief Executive Officer and
as a trustee of the Company," said Michael R. Walker, Chairman of the Board of
Trustees of the Company.
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
loans outstanding of $49 million in construction and term financing on eight
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:
Kelly A. McAteer, Investor Relations of
ElderTrust, 610-925-4200
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