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Exhibit 99.1 (EXTENDICARE LOGO) NEWS RELEASEFOR IMMEDIATE RELEASE
November 10, 2004 S&P Positive on Extendicares Acquisition of ALC  
    
    Extendicare responds to incorrect assertion by Globe and Mail
regarding strategies to monetize its 34.8% stake in Crown Life Insurance
Company MARKHAM, ONTARIO (TSX: EXE and EXE.A; NYSE: EXE.A)  Extendicare would like to
announce that earlier today Standard & Poors Ratings Services (S&P) affirmed
the debt ratings of its U.S. wholly owned subsidiary, Extendicare Health
Services, Inc. (EHSI) given its recent announcement to acquire Assisted Living
Concepts, Inc. (ALC). EHSIs 9.5% Senior Notes due 2010 maintained a B rating
and the 6.875% Senior Subordinated Notes due 2014 maintained a B- rating. S&P noted that the Companys outlook remains positive, and that the ALC
acquisition adds a favourable dimension to Extendicares business profile, as
it introduces new markets to the Companys business profile and complements
several existing markets. In addition, Extendicare Inc. would like to clarify that it will not be issuing
any new equity to pay for its proposed acquisition of ALC for total
consideration of approximately US$280 million, including the assumption of debt
of about US$140 million. The Company would also like to respond to an article published in the Globe and
Mail earlier today which contained incorrect information with respect to a
possible sale of Extendicares 34.8% equity stake in Crown Life Insurance
Company. Extendicare is not contemplating any such plan because there are
already arrangements in place to dispose of its investment in Crown Life in due
course under agreements entered into with The Canada Life Assurance Company in
1998. Extendicare is confident that its carrying value of $129 million will be
realized. Extendicare, through its subsidiaries, currently operates 266 long-term care
facilities across North America, with capacity for over 27,700 residents. As
well, through its operations in the United States, Extendicare offers medical
specialty services such as subacute care and rehabilitative therapy services,
while home health care services are provided in Canada. The Company employs
34,900 people in North America. Statements contained in this release other than statements of historical fact,
including statements regarding anticipated financial performance, business
strategy and managements plans and objectives for future operations, are
forward-looking statements. These forward-looking statements can be identified
as such because the statements generally include words such as expect,
intend, anticipate, believe, estimate, plan or objective or other
similar expressions. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in, or implied by, these statements. In addition to the risks and
uncertainties related to these statements, other risks and uncertainties are
identified in Extendicare Inc.s or Extendicare Health Services, Inc.s filings
with Canadian and United States securities regulators and include, but are not
limited to, the following: changes in the health care industry in general and
the long-term care industry in particular because of political and economic
influences; changes in regulations governing the industry and the Companys
compliance with such regulations; changes in government funding levels for
health care services; resident care litigation, including exposure for punitive
damage claims and increased insurance costs, and other claims asserted against
the Company; the Companys ability to attract and retain qualified personnel;
the availability and terms of capital to fund the Companys capital
expenditures; changes in competition; and demographic changes. Given these
risks and uncertainties, readers are cautioned not to place undue reliance on
the Companys forward-looking statements. All forward-looking statements
contained in this report are necessarily estimates reflecting the best
judgement of the party making such statements based upon current information,
and the Company assumes no obligation to update any forward-looking statement. For further information, contact: Extendicare Inc.
Christopher Barnes
Manager, Investor Relations




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Phone: (905) 470-5483
Fax: (905) 470-4003
Email: cbarnes@extendicare.com Visit Extendicares Website @ www.extendicare.com - 30 -