FOR IMMEDIATE RELEASE
Contact:
Tom Becker
PRS President and CEO
Pacific Retirement Services, Inc.
(541) 857-7211

PRS Continues to Expand; New Affiliate is
Cypress Cove in Fort Myers, Florida

(Medford, Oregon) March 21, 2008 – Pacific Retirement Services, Inc. (PRS), is pleased to announce that Cypress Cove at HealthPark Florida, a Continuing Care Retirement Community (CCRC) in Fort Myers, Florida, will become its newest affiliate. The boards of directors of both PRS and Lee Healthcare Resources have approved the PRS purchase of Cypress Cove at HealthPark Florida, Inc., and the transaction is expected to be completed within 120 days. Both PRS and Cypress Cove are private, not-for-profit organizations.

Pacific Retirement Services is a nationally recognized developer and operator of CCRCs and affordable senior housing communities in the U.S. Headquartered in Medford, Oregon, PRS recently expanded its CCRC operations to the east coast of the United States with the establishment of an office in Memphis, Tennessee. This is the second community to be acquired by PRS in the last two months from this Memphis office.

“Because the sole purpose of PRS is senior housing,” says PRS President and CEO Tom Becker, “and because we have a large system of CCRCs, Cypress Cove residents and employees will enjoy additional benefits through our new management programs and financial resources. The sale will also allow Lee Healthcare Resources to more fully focus on its primary role as a support organization for Lee Memorial Health System.”

The 47-acre Cypress Cove campus has 470 residences and is located in the master planned community of HealthPark Florida. It offers a full complement of Senior Living residences, including Independent Living apartments and Villas, Assisted Living apartments, and Skilled Nursing Care, plus an array of entertaining, healthful, and convenient amenities and services. Cypress Cove is accredited by the Continuing Care Accreditation Commission (CCAC) and is the first retirement community in Florida to be awarded the CCAC Person Centered Care Accreditation.

The company Cypress Cove at HealthPark Florida, Inc., will continue to exist; only the board members will change, and Cypress Cove employees will benefit from the opportunity to consider employment changes and advancement anywhere within the PRS family.

“Cypress Cove’s personnel will become part of a network of CCRCs, providing them new opportunities to exchange ideas and share resources,” says Mr. Becker. “PRS also promotes from within, has its own Administrator in Training program, and offers education assistance for those who want to grow in their fields.”

For more information about PRS and Cypress Cove, please call the PRS Memphis office at (901) 762-0148 or the PRS headquarters at (888) 724-6424, and visit www.retirement.org or www.cypresscoveliving.com.

About Pacific Retirement Services, Inc.
Pacific Retirement Services, Inc., is a national not-for-profit corporation that is working to fulfill its mission of creating and enhancing lifestyle opportunities for seniors by developing, operating, managing, and marketing a growing family of 52 retirement communities and service organizations. It has approximately 1,714 employees and provides housing and services to more than 4,500 seniors through its many affiliated organizations, including seven Continuing Care Retirement Communities (CCRCs), two managed retirement communities, and twenty-five affordable housing communities. Its new brand of Mirabella CCRCs include Mirabella Seattle, Mirabella, Portland, and Mirabella San Francisco Bay, and among its other affiliates are Rogue Valley Manor in Medford, Oregon; Holladay Park Plaza in Portland, Oregon; Cascade Manor in Eugene, Oregon; University Retirement Community in Davis, California; and Trinity Terrace in Fort Worth, Texas; with more in development. PRS also contracts its services to support the success of other retirement communities.

About Cypress Cove at HealthPark Florida
Cypress Cove’s 47-acre CCRC campus and scenic location encourage an actively involved lifestyle. Residents enjoy the nearby beaches of Sanibel, Fort Myers, Bonita Springs, and Cape Coral. Located among several lakes, Cypress Cove residents kayak, sail, canoe, fish, and enjoy lakefront walks. They garden, picnic, play bocce ball, swim in the indoor heated pool, lounge in the spa, and meet friends for cocktails. There is fine dining, a well-stocked library, billiards, ping pong, games, hobbies, a computer center, and more. The 401-acre HealthPark that surrounds the Cove offers dining, a full-service hospital, many other health services, volunteering opportunities, and retail is planned for future development.

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