Kingsway Arms Retirement Residences Inc.
TSX VENTURE : KWA

July 23, 2015 16:38 ET

Kingsway Arms Retirement Residences Inc. Announces Shareholder Meeting Results and Shareholder Approval of Aurora Sale

TORONTO, ONTARIO--(Marketwired - July 23, 2015) - Kingsway Arms Retirement Residences Inc. (TSX VENTURE:KWA) (the "Company" or "Kingsway") provides the following update regarding recent developments. At its annual and special meeting of shareholders held today (the "Meeting"), Patrick Byrne, Dan Amadori, John Mackinnon, Frank T. Rossi, Bruce Dimytosh and Don MacKinnon were unanimously re-elected to the Company's Board of Directors (the "Board").

At the Meeting, the Company's shareholders also:

  1. unanimously re-appointed Collins Barrow Toronto LLP as the Company's auditor for the next financial year and authorized the Board to fix the remuneration of the auditor; and

  2. unanimously approved the proposed sale of the Company's Aurora Retirement Residence assets ("Aurora") as further described in the Company's press release dated July 3, 2015 and the management information circular for the Meeting, as supplemented (the "Transaction").

The Transaction is scheduled to close on or before August 28, 2015. The TSX Venture Exchange has given conditional approval to the Transaction, pending shareholder approval, which approval was secured at the meeting held earlier today. The Company will now apply for final approval from the TSX Venture Exchange. Promptly following closing, the Company will issue a confirming press release to advise shareholders.

About Kingsway Arms Retirement Residences Inc.:

Kingsway is the owner of the senior housing facilities located in Aurora, Ontario. The Company continues to actively pursue opportunities to enhance shareholder value.

Safe Harbor Statement:

This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include: our inability to obtain additional financing on acceptable terms; risk that our facilities will not gain widespread market acceptance; inability to compete with others who provide comparable facilities. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.

This press release is not an offer of securities for sale in the United States. The securities of the Company referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended. Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Kingsway Arms Retirement Residences Inc.
    Mr. Dan Amadori
    Chair, Board of Directors
    416-644-4361