MARKHAM, ONTARIO, Aug. 30, 2010 (Marketwire) -- Extendicare Real Estate Investment Trust ("Extendicare REIT" or the "REIT") (TSX:EXE.UN) today announced the appointment of Margery Cunningham, CFA, to its Board of Trustees, effective immediately, for a term to expire at the next annual meeting of unitholders, whereupon Ms. Cunningham will stand for election.
Margery Cunningham brings with her invaluable experience as a highly regarded analyst within the health care sector. Ms. Cunningham was with Lehman Brothers for 11 years beginning in 1997, most recently as Managing Director and Global Head of Product Training, overseeing training for over 28,000 employees. Prior positions with Lehman Bothers included, Associate Director of Credit Research, responsible for managing, training and developing new analysts and associates in the Fixed Income Credit Research Department, and as a High Yield Bond Analyst. As an analyst, Ms. Cunningham was a perennial Institutional Investor magazine all-star analyst in the high yield health care category. Her research career has spanned more than 20 years, including both equity and fixed income research for firms such as Kidder, Peabody & Co., and Paine Webber.
"Extendicare REIT is delighted to welcome Ms. Cunningham to its Board of Trustees," said Mel Rhinelander, Chairman of Extendicare REIT. "Ms. Cunningham will be a valuable board member providing input and guidance as we develop strategies to position Extendicare REIT for continued success. Along with the additions earlier this year of Governor Howard Dean and Ben Hutzel, we feel we have taken important steps to add depth to our Board of Trustees."
Ms. Cunningham received her A.B. in Applied Mathematics from Harvard University in 1980, and went on to receive an M.S. in Management with a concentration in Finance and Economics from the Sloan School of Management, Massachusetts Institute of Technology, in 1982. As well, she is a Chartered Financial Analyst.
Extendicare REIT is a leading North American provider of long-term and short-term senior care services through its network of owned and operated health care centers. We employ 37,800 qualified and experienced individuals dedicated to helping people live better through a commitment to quality service that includes post-acute care, rehabilitative therapies and home health care services. Our 263 senior care centers in North America have capacity for approximately 29,200 residents. Extendicare REIT is a specified investment flow-through trust (SIFT) that has been subject to the SIFT tax since January 1, 2007.
Information provided by Extendicare REIT from time to time, including this release, contains or may contain forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to the REIT and its subsidiaries, including its business operations, business strategy, and financial condition. Forward-looking statements can be identified because they generally contain the words "expect", "intend", "anticipate", "believe", "estimate", "project", "plan" or "objective" or other similar expressions or the negative thereof. Forward-looking statements reflect management's beliefs and assumptions and are based on information currently available, and the REIT assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the REIT to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on the REIT's forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare REIT with the securities regulatory authorities, available at www.sedar.com and on the REIT's website at www.extendicare.com.
Douglas J. Harris
Extendicare Real Estate Investment Trust
Senior Vice President and Chief Financial Officer
(905) 470-4003 (FAX)