Leisureworld Senior Care Corporation

Leisureworld Senior Care Corporation

June 23, 2011 15:00 ET

Leisureworld Appoints Manny DiFilippo as CFO

MARKHAM, ONTARIO--(Marketwire - June 23, 2011) - Leisureworld Senior Care Corporation (TSX:LW) today announced the appointment of Manny DiFilippo as Chief Financial Officer, effective July 11, 2011.

"Manny DiFilippo brings a broad range of skills and experience gained in financial leadership roles at a major Canadian public company," said David Cutler, Chief Executive Officer of Leisureworld. "His expertise in M&A, internal audit, financial controls, risk management and financial reporting are a great fit for Leisureworld. His direct experience leading cross functional teams with mandates in both M&A and process and control improvement is particularly important to our company today."

Mr. DiFilippo's most recent role was as Senior Vice President, Internal Audit & Risk Management for George Weston Limited. He had a 19 year career with the Weston/Loblaw organizations, in a progression of increasingly senior leadership roles, including Vice President, Risk and Strategic Initiatives, and President of Glenhuron Bank. Prior to joining the Weston organization, he spent nine years with KPMG Chartered Accountants, including a role as senior manager in KPMG's audit practice.

"I am excited to be joining Leisureworld at this important time in the Company's development," said Mr. DiFilippo. "Not only is Leisureworld a leader in the Ontario long-term care business, the Company has a great opportunity to expand its operations across the broad continuum of seniors living businesses. I look forward to being part of this growth initiative."

Martin Liddell, Leisureworld's CFO since 2006, is leaving the Company effective June 30, 2011. "On behalf of Leisureworld's Board of Directors and management team, I want to thank Martin for his important contributions to Leisureworld, including his critical role in our 2010 Initial Public Offering," added Mr. Cutler. "We wish Martin continued success in all future endeavors."

About Leisureworld

Leisureworld is the third largest licensed long-term care (LTC) provider in Ontario. The Company owns and operates 26 LTC homes, representing approximately 4,314 beds across Ontario, Canada. Leisureworld also owns and operates three retirement residences comprising 323 suites and one independent living residence with 53 apartments. Leisureworld subsidiaries include: Preferred Health Care Services, an accredited provider of professional nursing and personal support services; Ontario Long Term Care, a provider of purchasing services, dietary, social work, and other regulated health professional services; and Tealwood Developments, a provider of laundry services to the Leisureworld Homes.

Forward-Looking Statements

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions, including the funding of long-term care facilities by government entities. Other material factors or assumptions that were applied in formulating the forward-looking statements contained herein include the assumption that the business and economic conditions affecting Leisureworld's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity and government regulations.

Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of Leisureworld as at the date of this news release and speak only as at the date of this news release. Leisureworld does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

Contact Information

  • Leisureworld Senior Care Corporation
    Philip Koven
    Investor Relations
    (416) 447-4740 ext 235