Amica Mature Lifestyles Inc.
TSX : ACC

Amica Mature Lifestyles Inc.

May 30, 2006 08:30 ET

Amica Secures Land for Swan Lake Expansion

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - Samir Manji, Chairman, President and CEO of Amica Mature Lifestyles Inc. (TSX:ACC), announces that the Company and its joint venture partner in Amica at Swan Lake, located in Markham, Ontario, have now acquired adjacent land for the expansion of the 115 suite, luxury independent living retirement community.

Final development plans, now in process, are expected to call for the addition of between 45 and 75 one and two bedroom independent suites, and an indoor pool to augment the community's existing, extensive amenities. Plans will also call for the subsequent construction of a condominium building, connected to the existing facilities, on the remainder of the new land. Owners of condominium units would have access to the Amica at Swan Lake amenities on a fee basis. Construction of the 45 to 75 rental suite addition is expected to commence within twelve months, with the condominium phase to commence at a later date.

Amica at Swan Lake is jointly owned (as to 50% each) with The Daniels Corporation, a major developer in the greater Toronto area. The additional land was acquired at a cost of $2.4 million, of which $1.2 million was financed by a mortgage from the vendor, having a term of 18 months and an interest rate of 5%. The fees to be earned by Amica for the design and development of the proposed expansion have not yet been finalized.

Samir Manji commented, "We are very excited about the next phase in the evolution of our Wellness & Vitality™ residence at Swan Lake. The initial expansion will allow us to meet the demand for Amica's premier services for mature lifestyles in the Markham area. As the only new amenity is an aquacize pool, the income from the additional suites should be very accretive."

Added Mr. Manji, "With the subsequent completion of the condominiums, Amica at Swan Lake will become a luxury seniors campus in Markham that will cater to a broad range of customers with differing lifestyle requirements."

Colin Halliwell, Chief Operating Officer, commented, "We are extremely pleased that we will at last be able to satisfy the strong demand in the Markham area with these additional one bedroom and two bedroom suites. We have had countless occasions where prospective residents have not been able to move into Amica at Swan Lake due to the lengthy waiting list for our larger independent living suites."

About Amica

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 20 Amica Wellness & Vitality™ Residences, including five under development.

The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC".

This news release contains forward looking information within the meaning of the Securities Act (Ontario) (the "forward looking statements"). Such forward looking statements relate to the nature, timing, and financial impact of the proposed expansion of the Amica at Swan Lake retirement community and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to dependence on the ability of Amica's joint venture partners 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; and other risks and uncertainties, including those described in Amica's Annual Information Form dated August 19, 2005 filed with the Canadian Securities Administrators and available at www.sedar.com.


Contact Information