Kingsway Arms Retirement Residences Inc.
TSX VENTURE : KWA.P

November 28, 2007 17:49 ET

Kingsway Arms Retirement Residences Inc. Announces Appointment of New CFO

VAUGHAN, ONTARIO--(Marketwire - Nov. 28, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Kingsway Arms Retirement Residences Inc. ("Kingsway" or the "Company") (TSX VENTURE:KWA.P) today announced that it has appointed Dan Kowalchuk as CFO of the Company.

Since 2004, Mr. Dan Kowalchuk has been CFO of ASG Financial Corporation, an investment management and advisory firm specializing in real estate syndications. In 1981, he joined Horwath Orenstein LLP, a chartered accounting firm, as a Chartered Accountant, and became a partner of the firm in 1993 where he remained until 2005. Mr. Kowalchuk has significant experience in financial reporting, planning, internal control and cost control as well as experience in providing tax consulting services for companies in the real estate industries. Mr. Kowalchuk is a member of the Canadian Institute of Chartered Accountants. He has obtained his C.A. designation in 1985 and holds a Bachelor of Commerce degree (1981) from Laurentian University.

Prior to Mr. Kowalchuk's appointment, the Company's COO, Graham Parker, also served as its CFO. Mr. Parker will be taking a voluntary leave of absence to attend to family matters. While he is away, his COO responsibilities will be attended to by Sheila Mansion, Vice President, Operations.

Kingsway is a capital pool company listed on the TSX Venture Exchange. Additional information about the Company can be located in the prospectus dated July 24, 2007 available at the Company's head office at 8555 Jane Street, Suite 102, Vaughan, Ontario, or online at www.sedar.com.

Certain statements made in this news release are forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding the information currently available. Actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include, among other things, those expressed in the prospectus filed with Canadian securities regulatory authorities. All data presented in this news release should be read in conjunction with the prospectus.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Kingsway Arms Retirement Residences Inc.
    Patrick Byrne
    Chief Executive Officer
    (647) 288-2942