Kingsway Arms Retirement Residences Inc.
TSX VENTURE : KWA

February 07, 2012 17:15 ET

Kingsway Arms Retirement Residences Inc. Provides Business Update

TORONTO, ONTARIO--(Marketwire - Feb. 7, 2012) -

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

Kingsway Arms Retirement Residence Inc. (TSX VENTURE:KWA) (the "Corporation" or "Kingsway") announces that it has engaged Dundee Securities to serve as its financial advisor as it develops its go forward strategies for 2012. The Company is evaluating different financing and potential acquisition strategies under the direction of Dundee.

The Corporation also announces that Mr. Robert Kanee has resigned as a Director of the Corporation and from all Board Committees. Mr. Kanee has decided to pursue other personal and business interests. The Corporation expresses its appreciation for Mr. Kanee's contributions over the past four years.

The Board of Directors has approved the issuance of 805,000 common stock options to Officers, Directors and Consultants to the Corporation. The options vest upon issuance and have a five year term, expiring in February 2017. The strike price has been established at $0.10 per share.

The Corporation is planning to set the record date for its Annual General Meeting as soon as the annual audit of the year-end financial statements has been completed.

Kingsway Arms Retirement Residences Inc.

Kingsway is the owner of a senior housing facility located 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.

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.

Contact Information

  • Kingsway Arms Retirement Residences Inc.
    Mr. Patrick Byrne
    Chief Executive Officer
    647-288.2942 ext 102