EPIC's stock dividend postponed due to joint venture

Sep 21 2009

EPIC Corporation (OTC:EPOR) (the “Company”), a financial services company, announced the formation of a joint venture, Hallmark Heritage, LLC, with Level 3 Capital Partners, LLC, and Senior Care Group, Inc. (“Senior Care”); the formation of Senior Care Communities Trust, Inc. (“Trust”), and, in light of entering into the joint venture, EPIC's board of directors postponed the stock dividend announced in May 2009.

Senior Care is a 501-C-3 non-profit corporation which for over 25 years has purchased, syndicated, managed and operated skilled nursing and assisted living facilities delivering care to the elderly and delivering above average returns to its investors. More recently Senior Care has formed a wholly owned subsidiary currently developing new multi level senior care communities. These communities are ‘aging in place’ planned developments consisting of independent senior living, assisted living, and skilled nursing facilities, supported by on site wellness and medical office centers.

The Trust is being organized to become a real estate investment trust. Its business is: (1) to own and master lease healthcare facilities operated and managed by Senior Care; (2) to provide long term financing for the facilities operated and managed by Senior Care, now and in the future; and (3) to participate in takeout financing for the Senior Care Communities developed by Senior Care.

Hallmark Heritage's business is the acquisition of operating healthcare facilities, buildings that can be converted into healthcare facilities, and land that can to be developed into senior care communities.

EPIC business is: (1) acquiring ownership interests in healthcare facilities owned by Senior Care and Investors in facilities operated and managed by Senior Care for the Trust, (2) raising capital for the Trust through public and private offerings, (3) administering and managing the Trust, (4) purchasing land for the development of senior care communities by Senior Care, (5) acquiring other types of healthcare facilities or assets to be managed by Senior Care, and (6) providing short term financing for healthcare facilities operated and managed by Senior Care. In order to focus on providing financial services to the healthcare industry, EPIC has transferred all non-core operations and assets to affiliates.