TORONTO, ONTARIO--(Marketwire - Sept. 5, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Kingsway Arms Retirement Residences Inc. (TSX VENTURE:KWA) (the "Company" or "Kingsway") provides the following business update:
Messrs. Rossi, Mackinnon, Dimytosh and MacKinnon serve as independent directors.
At the AGM, the disinterested shareholders also approved the proposed fixed stock option plan that was disclosed in the Information Circular previously circulated to the shareholders.
|a.||Dan Amadori, as Chair of the Board.|
|b.||Bruce Dimytosh, as Chair of the Audit Committee; Don MacKinnon and Dan Amadori as the other members of the Audit Committee.|
|c.||Frank Rossi, as Chair of the Compensation Committee; John Mackinnon as the other member of the Compensation Committee.|
The options have a strike price of $0.10 per share and have a term of 5 years through August 31, 2017. The options are fully vested upon issuance.
Subsequent to the issuance of these stock options, the Company has 2,440,800 stock options outstanding.
About Kingsway Arms Retirement Residences Inc.:
Kingsway is the owner of senior housing facilities located in Aurora, Ontario and in Clarington, Ontario. The Corporation continues to actively pursue the acquisition of development of additional senior housing facilities in order to grow the Company's portfolio of properties.
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.