Wednesday, October 30, 2002

Health Scholarships completes merger

Health Scholarships, Inc. announced today the completion of its recent merger with Care More Management Co., Inc. and its affiliates. Health Scholarships is a non-profit organization based in Macon, Georgia. Among the purposes of the merged organization is providing educational scholarships to worthy individuals attending high school, college, graduate or other school in the health-care field. Health Scholarships also makes grants to other nonprofit organizations involved in the promotion of health care.

In connection with the merger, the organization received a sizeable contribution to endow a scholarship program for nursing candidates. In addition, Health Scholarships plans to use excess revenues over expenses from its health and retirement care operations to fund the organization's tax-exempt charitable mission. Joe Wall, Chairman of the Board of Trustees stated, "We are very pleased with the results of the merger. All indications are that our organization has obtained significant resources that will allow us to extend our tax-exempt charitable mission throughout the State of Georgia for years to come".

Following the merger, Health Scholarships will conduct its health and retirement care operations under the name Ethica Health and Retirement Communities. Health Scholarships will also operate Cherokee Medical Supply and Integra Rehabilitation, a leading provider of post-acute rehabilitation therapy services in Georgia. A subsidiary, Health Scholarships of Georgia, LLC will administer the scholarship and grant programs.

Health care, and nursing in particular, is experiencing a severe shortage of well-trained workers to deliver the care needed by today's aging population. By investing its resources in the education of its associates and others, Health Scholarships hopes to create a learning environment and enhance the lives of the persons served by the organization.

Ethica Health and Retirement Communities operates Avalon Health and Rehabilitation formally Starcrest of Newnan Nursing Home, located in Coweta County.