SOURCE: Sienna Senior Living Inc.

Sienna Senior Living Inc.

March 24, 2016 06:00 ET

Sienna Senior Living Inc. Announces Sale of Home Health Care Business

MARKHAM, ON --(Marketwired - March 24, 2016) - Sienna Senior Living Inc. ("Sienna" or the "Company") (TSX: SIA) announced today that it has entered into a definitive agreement to sell Preferred Health Care Services, its home care business ("PHCS"), to Spectrum Health Care LP for cash proceeds of $16.5 million, before working capital adjustments (the "Transaction"). The completion of the Transaction is subject to customary and negotiated closing conditions and regulatory approvals, including the assignment of government contracts, and is expected to close following receipt of all regulatory approvals.

Spectrum Health Care is one of Ontario's leading providers of patient centered home care, non-urgent patient transfer, companionship care and event medical services, servicing multiple Community Care Access Centres (CCACs), shared services organizations, hospitals, private pay customers and sporting and entertainment venues. Spectrum Health Care's range of service offerings include nursing, personal and home support, elder companionship, physiotherapy, foot care, corporate wellness, non-urgent patient transfer and event medical services.

"We are pleased that the joining of these two solid home care providers will enable our PHCS team to grow as part of the Spectrum Health Care family, with a dedicated focus on the home care space," stated Lois Cormack, Sienna's President and CEO. "The disposition is consistent with Sienna's strategy and focus on growing our core business of high-quality retirement living and long-term care portfolio assets in Canada."

ABOUT SIENNA SENIOR LIVING

Sienna Senior Living (TSX: SIA) is one of Canada's largest owners of seniors housing and the largest licensed long-term care provider in Ontario. The Company's 8,000 employees are dedicated to helping you live fully, every day in each of its four lines of business: retirement living, home care, third party management services and long-term care. The Company owns and operates 35 long-term care homes and 11 retirement residences, representing a combined 6,939 beds/suites across Ontario and British Columbia. For more information, please visit www.siennaliving.ca.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking information based on management's current expectations, estimates and projections about the future results, performance, achievements, prospects or opportunities for Sienna. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward - looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results could differ materially from those expected, estimated or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the "Risks and Uncertainties" section of Sienna's MD&A for the year ended 2015 and in materials filed with the securities regulatory authorities in Canada from time to time, including, but not limited to, the Company's most recent Annual Information Form.

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