Amica Mature Lifestyles Inc.
TSX : ACC

Amica Mature Lifestyles Inc.

January 10, 2008 10:00 ET

Amica Mature Lifestyles Announces Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) - Amica Mature Lifestyles Inc. (TSX:ACC) ("Amica" or the "Company") announces that the Toronto Stock Exchange (the "TSX") has accepted Amica's notice of intention (the "Notice") to acquire up to 880,663 of its common shares, representing 5% of the 17,613,274 shares outstanding as at January 4, 2008, by way of normal course issuer bid through the facilities of the TSX. Pursuant to TSX policies, daily purchases made by the Company will not exceed 2,514 shares or 25% of the average daily trading volume of 10,058 shares on the TSX, subject to certain prescribed exceptions.

Mr. Samir Manji, Chairman, President and CEO of Amica, said, "Amica's board of directors believes that from time to time the market price of the Company's shares, taken in combination with the Company's strong cash flow and earnings performance, is such that a buyback program is an effective way of creating sustainable shareholder value.

Amica is already focused on creating shareholder value in other ways. To that end, the Company is actively pursuing its goal of generating new long term management contracts in existing and new markets. The Company also returns cash directly to shareholders through quarterly dividends."

Purchases under the normal course issuer bid may commence on January 15, 2008, and will terminate on January 14, 2009, or such earlier date as the Company may complete its purchases pursuant to the Notice. The shares purchased under the bid will be cancelled by the Company.

Amica Mature Lifestyles Inc.

Amica Mature Lifestyles Inc., a Vancouver based public company, is a leader in the management, marketing, design and development of luxury housing and services for mature lifestyles. There are 25 Amica Wellness & Vitality™ Residences, including ten under development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC".

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the Securities Act (Ontario) ("forward-looking statements"). These forward-looking statements are made as of the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to dependence on the ability of Amica's co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; job actions including strikes and labour stoppages; possible liability under environmental laws and regulations, relating to removal or remediation of hazardous or toxic substances on properties owned or operated by Amica; risks associated with new developments, including cost overruns and start-up losses; the ability of seniors to pay for Amica's services; operational risks inherent in owning and operating residences; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; the availability of capital to finance growth; Amica's ability to attract seniors with its services and keep pace with changing consumer preferences, as well as those factors described in Amica's Annual Information Form dated August 17, 2007, filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact Information

  • Amica Mature Lifestyles Inc.
    Mr. Doug Allen
    Chief Financial Officer
    (604) 630-3473
    Email: d.allen@amica.ca
    or
    Amica Mature Lifestyles Inc.
    Ms. Alyssa Williams
    Investor Communications Administrator
    (604) 639-2171
    Email: a.williams@amica.ca
    Website: www.amica.ca