TORONTO, ONTARIO--(Marketwired - April 22, 2014) - Joseph Schillaci (the "Offeror") announces that as of April 21, 2014, he has acquired an aggregate of 1,852,000 Common Shares in the capital of Kingsway Arms Retirement Residences Inc. (TSX VENTURE:KWA), (the "Company"). Acquisitions have been completed in the market through the TSX Venture Exchange or other Canadian stock markets. As a result, the Offeror now owns approximately 10.35% of the issued and outstanding Common Shares of the Company.
The Offeror has acquired the securities for investment purposes and is currently considering whether or not to acquire additional securities of the Company. Depending upon his evaluation of the business, prospects and financial condition of the Company, the market for the Company's securities, general economic and tax conditions and other factors, the Offeror may acquire more or sell some or all of his securities of the Company.