Kingsway Arms Retirement Residences Inc. Closes Clarington Sale
June 03 2014 - 3:05PM
Marketwired
Kingsway Arms Retirement Residences Inc. Closes Clarington Sale
TORONTO, ONTARIO--(Marketwired - Jun 3, 2014) - Kingsway Arms
Retirement Residences Inc. (TSX-VENTURE:KWA) (the "Company" or
"Kingsway") is pleased to announce that it completed the sale of
the Clarington Retirement Residence ("Clarington") to Seasons
Retirement Communities on Friday, May 30, 2014.
The sale was unanimously approved by the Company's shareholders
at its annual and special meeting of shareholders held on May 14,
2014 (the "Meeting"), and the TSX Venture Exchange has provided
final acceptance of the transaction.
The details of the transaction are further described in the
Company's press releases of May 12, 2014 and May 27, 2014, as well
as the management information circular that was circulated in
connection with the Meeting. The material agreements with respect
to the transaction, namely, the Agreement of Purchase and Sale
dated March 25, 2014 and the Amendment to the Agreement of Purchase
and Sale dated May 6, 2014, are being filed on SEDAR.
About Kingsway Arms
Retirement Residences Inc.:
Kingsway is the owner of a senior housing facility located in
Aurora, Ontario. The Corporation continues to evaluate its mid- to
long-term growth options and opportunities with a view toward
building shareholder value.
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.
Kingsway Arms Retirement Residences Inc.Mr. Dan AmadoriChair,
Board of Directors416-644-4361
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