LOS ANGELES, Sep 17, 2008 (BUSINESS WIRE) — LifeHouse Retirement Properties, Inc. (Pink Sheets:LHRP, the “Corporation” or “LifeHouse”) said today that on September 12, 2008, its Board of Directors authorized the sale of substantially all of its assets to a newly formed entity, LifeHouse Holdings, LLC (“Buyer”), an affiliate of Westport Capital Partners LLC. The directors have also recommended that LifeHouse’s shareholders approve the transaction and other related matters by written consent. The sale is expected to close in mid-October.

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