SOURCE: Extendicare Inc.

Extendicare Inc.

March 30, 2017 17:47 ET

Extendicare Announces Annual Meeting Information; Alan Torrie Expected to be New Chairman of the Board

MARKHAM, ON--(Marketwired - March 30, 2017) - Extendicare Inc. ("Extendicare" or the "Company") (TSX: EXE) today announced it will be hosting its Annual Meeting (the "Meeting") on Thursday, May 25, 2017, at 10:30 a.m. (Toronto time) at the Gallery, TMX Broadcast Centre, 130 King Street West, Toronto, Ontario. The record date for determining shareholders entitled to receive notice and vote at the Meeting has been set at April 7, 2017. The Company's related meeting materials, including, the management information and proxy circular, will be distributed to shareholders of record by May 4, 2017.

Extendicare will be broadcasting the Meeting live via a webcast accessible at www.extendicare.com under the investors/annual meetings section. An archive of the webcast will be available for replay following the Meeting.

Chairman Succession
The Company also today announced that Ben Hutzel has decided to step down in his role as Chairman of the board of directors of Extendicare (the "Board") immediately following the Meeting. Mr. Hutzel will be standing for re-election as a director at the Meeting.

Concurrent with Mr. Hutzel's decision and as a result of a Board succession process, fellow director, Alan Torrie, is expected to succeed Mr. Hutzel as Chairman of the Board immediately following the Meeting. Mr. Hutzel commented, "The Board believes that Alan has all of the qualities it takes to be an outstanding Chairman and is an excellent choice to succeed me. For myself, if re-elected to the Board, I look forward to continuing to contribute to the bright future of the Company and the progress that the Company is making towards its goals of growing its operations and positioning its services to meet the needs of Canadians across the senior care continuum."

Mr. Torrie has been serving as a director of the Company since January 2016 and has recently announced his plans to retire as the President and Chief Executive Officer of Morneau Shepell Ltd. (Morneau Shepell), at its annual meeting in May 2017. Mr. Torrie joined Morneau Shepell in 2005, as a director, and became President in 2008 and CEO in 2009. Prior to joining Morneau Shepell, Mr. Torrie amassed extensive experience as a senior executive leader in the seniors housing and health and science industries, including as Chief Operating Officer of Retirement Residences REIT from 2005 to 2007 and in a number of senior executive positions at MDS Inc. (a predecessor of Nordion Inc.) from 1987 to 2005, where he served as Executive Vice President from 2003 to 2005, and as President and Chief Executive Officer of MDS Diagnostics and MDS Laboratories from 1999 to 2003.

The Company also today announced that Frederic Waks, the Company's Vice Chairman, has decided not to stand for re-election to the Board. "I have truly enjoyed serving on the Extendicare Board and wish the Board and management well in its future endeavours," said Mr. Waks.

"The Board is deeply grateful to Mr. Waks for his contributions, insights and commitment to Extendicare during his tenure on the Board", stated Mr. Hutzel.

The number of directors to be elected at the Meeting has been fixed at eight. The eight nominees for election are the remaining current members of the Board, being: Margery Cunningham; Sandra Hanington; Alan Hibben; Benjamin Hutzel; Donna Kingelin; Timothy Lukenda; Gail Paech; and Alan Torrie.

ABOUT EXTENDICARE
Extendicare is a leading provider of care and services for seniors throughout Canada. Through our network of 111 operated senior care centres (65 owned/46 managed), as well as our home health care operations, we are committed to delivering care throughout the health care continuum to meet the needs of a growing seniors' population in Canada. Our qualified and highly trained workforce of 23,800 individuals is dedicated to helping people live better through a commitment to quality service and a passion for what we do.

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