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ORANGE COUNTY BRIEFLY

ARV Acquires 44% of American Retirement

July 10, 1996

COSTA MESA — ARV Assisted Living acquired a 44% interest in American Retirement Villas Properties II, which owns or leases 10 assisted living facilities in California.

ARV agreed to pay $11.2 million for the stake in American Retirement, which posted net income of $366,000 on revenue of $4.3 million for the quarter ended March 31.

ARV also said holders have converted 74% of its 10% convertible notes to 900,662 shares of common stock, which will result in a charge of about $600,000 for the first quarter ended June 30. The company said it will redeem the remaining 26% of the notes today for $4.2 million.

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