Kingsway Arms Retirement Residences Inc. Announces the Resignation of the Chairman of the Board and the Appointment of a New Director and Chair of the Board

TORONTO, ONTARIO--(Marketwire - Aug. 8, 2011) -

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Kingsway Arms Retirement Residence Inc. (TSX VENTURE:KWA) (the "Corporation" or "Kingsway") announces that Mr. Dino Chiesa, the founding Chair of the Board of Directors of the Corporation, has resigned given his extensive other commitments including his role as a Director of the Canada Mortgage and Housing Corporation and Leisure World. The Corporation expresses its appreciation for Mr. Chiesa's contributions over the past four years.

Kingsway announces that Mr. Dan Amadori has been appointed, subject to regulatory approval, as a Director and as Chairman of the Board of the Corporation.

Mr. Amadori, B.Comm, MBA, C.A., ICD.D, is President of Lamerac Financial Corp., a financial advisory services firm. He brings to the Corporation extensive experience in mergers, acquisitions and corporate finance transactions in multiple industry verticals including healthcare and real estate. He has served as a Director / Officer of numerous privately-held and public companies in Canada and in the United States over the past two decades.

Mr. Amadori has had extensive involvement with the Markham Stouffville Hospital Board of Directors and its Foundation since 2001 and remains actively involved in its current Capital Campaign. He served as President of the Toronto Chapter of the Association for Corporate Growth between 2005 – 2010; the ACG is a large worldwide private equity association.

Kingsway Arms Retirement Residences Inc.

Kingsway is the owner of a seniors housing facility in Aurora, Ontario. The Corporation continues to actively pursue the acquisition or development of additional senior housing facilities in order to grow the Corporation's portfolio of properties.