(RTTNews) -  EPIC Corp. (EPOR.PK: News ) said it entered into an agreement with Senior Care Holdings Inc. to acquire a preferential 50% interest in a to be formed master limited liability company.
Also, the company noted that Master is to buy at least 10 of Holdings' operating and management companies which for the 12 months ending June 30, 2009 had net revenues of $71.95 million with a net profit of $4.55 million.

As consideration EPIC will pay Holdings $2.0 million payments. One payment by September 30, 2010 and the other by September 30, 2011. The profits for each year will be credited to EPIC in the form of an adjusted promissory note.
Master is to be the parent company of 10 - 25 operating and management companies, presently owned by Holdings, of skilled nursing and assisted living healthcare facilities, the company added.

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by RTT Staff Writer

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