SOURCE: Sienna Senior Living Inc.

Sienna Senior Living Inc.

April 28, 2016 16:49 ET

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

MARKHAM, ON--(Marketwired - April 28, 2016) - Sienna Senior Living Inc. ("Sienna" or the "Company") (TSX: SIA) announced today that it has closed the previously announced sale of its home care business, operating as Preferred Health Care Services ("PHCS"), to Spectrum Health Care LP ("Spectrum") for cash proceeds of $16.5 million, before working capital adjustments (the "Transaction").

"The sale to Spectrum will enable PHCS to grow and focus on high quality service delivery as part of a larger organization solely focused on home and community care, and we are committed to facilitating a seamless transition for the PHCS team and its clients," stated Lois Cormack, Sienna's President and CEO. "The disposition of the home care business 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 SPECTRUM HEALTH CARE

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.

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 7,500 employees are dedicated to helping you live fully, every day in each of its lines of business: retirement living, 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 2015 MD&A 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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