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VANCOUVER, British Columbia, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Element Lifestyle Retirement Inc. (the “Company” or “Element”) (TSX.V:ELM) announces that the Company’s audited consolidated financial results for the year-ended May 31, 2017 have been filed on SEDAR and provides corporate update. The full version of the Financial Statements and Management’s Discussion & Analysis can be viewed on the Company’s website at www.elementliving.com or on SEDAR at www.sedar.com.
Financial and Corporate Highlights for the Quarter and Year-Ended May 31, 2017
Michael Diao, CEO, states, “Fiscal year 2017 has been a year of steady progress for the Company. During the past year, we continued to invest in quality people to further augment the strong Element team as well as stream-line operational efficiencies. We have revamped our go-forward business model with the restructuring of management contracts to allow for fees to be billed and paid in monthly installments when services are rendered rather than receiving fees when certain milestones are achieved. This will stabilize revenue streams and the effect will be evident in the upcoming quarterly filing. Furthermore, we are ramping up development activities for the Bayview project in Victoria, which is 100% owned by Element. We completed fiscal 2017 with a healthy treasury and cash burn well under control. Thank you to the incredible Element team, the supportive shareholders, contractors, suppliers and community stakeholders for your continued interest and support. 2018 promises to be an outstanding year for the Company.”
Strengthening the Element Team
During the year, the Company made a further significant investment in its human capital and has now assembled a vastly experienced, cohesive and professional group of retirement home experts that will continue to roll out Element’s development and management strategy.
The Company’s growth plan includes property acquisitions, either directly owned or owned by third parties, and development and management of operations that will enable the organization to achieve greater economies of scale. The Company continues to evaluate potential acquisitions to create a strong portfolio of projects, either owned or managed.
OPAL Project Update
OASIS Project Update
Bayview Project (100% Owned) Update
Corporate/Stock Options Grant
The Company’s key strategic priorities are:
The Bayview acquisition represents a first step in the Company’s positioning to expand its scope of business into the ownership arena through a highly selective acquisition process that comprises a combination of existing operating assets and property for new development.
The Company’s directors and management believe that these priorities are formulating a solid foundation for Element Lifestyle Retirement Inc., and its shareholders, as it continues working towards building a prosperous, well-respected and long-term seniors’ retirement development and management services organization. Management believes that the Company is well-positioned for both organic and external growth, supported by favourable demographics of a growing seniors’ population and the strong demand for seniors’ services.
About Element Lifestyle Retirement Inc.
Element was established in June 2013 in Vancouver, British Columbia and is in the business of providing comprehensive development consulting and operations management services. Collectively, the leadership team of Element has well over 100 years' experience in real estate and master planned community development, with specialization in hospitality management, and retirement community development and operations. Our development consulting services include property selection, assembly and acquisition; building and community design; municipal approval and land entitlement processes, and construction project management. Additionally, Element is vertically integrated and provides innovative operational management services for existing or new retirement communities. The core business of Element has been the development and management of third party assets in the “retirement community” space, but has now moved into the ownership arena through the acquisition of a combination of existing operating assets and property for new development. The organization has positioned itself to be a leading development and retirement management services organization that is changing the perception and experience of aging with its innovative intergenerational aging-in-place model. The long-term mission is to remove the stigma and burden that come with aging and evolving health. New property developments will be under Element's branded model. It encompasses a seamless transition for older adults from independence to assisted living to complex care, while integrating accommodation and activities for all ages to create a vibrant environment. This enables older adults and their families to have complete peace of mind with the availability of adaptive services and care in a purpose-built customized community that will accommodate residents’ changing needs.
ON BEHALF OF THE BOARD OF DIRECTORS
ELEMENT LIFESTYLE RETIREMENT INC.
Chief Executive Officer and Director
For further information, please visit www.elementliving.com or contact Element at (604) 676-1418.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statement Caution
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to development of Element’s business and advancing the Company’s plans. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks associated with Element’s business as disclosed in the Company’s most recently filed MD&A. The statements in this news release are made as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.