TORONTO, ONTARIO--(Marketwired - May 27, 2014) - 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 on May 14, 2014 (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:
- 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
- unanimously approved the proposed sale of the Clarington Retirement Residence ("Clarington") as further described in the Company's press release dated May 12, 2014 and the management information circular for the Meeting (the "Transaction").
The Transaction is scheduled to close on May 30, 2014, and the TSX Venture Exchange has advised the Company that it has no objection to the closing of the Transaction. Promptly following closing, the Company will issue a confirming press release and file the material agreements on SEDAR.
About Kingsway Arms Retirement Residences Inc.:
Kingsway is the owner of senior housing facilities located in Aurora, Ontario and in Clarington, Ontario. The Corporation continues to actively pursue the acquisition and development of additional senior housing facilities in order to grow the Company's portfolio of properties.
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 Corporation referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended. Securities of the Corporation 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.