Kingsway Arms Retirement Residences Inc. Provides Update
13 5월 2014 - 3:09AM
Marketwired
Kingsway Arms Retirement Residences Inc. Provides Update
TORONTO, ONTARIO--(Marketwired - May 12, 2014) - Kingsway Arms
Retirement Residences Inc. (TSX-VENTURE:KWA) (the "Company" or
"Kingsway") provides the following update:
- The Company has filed today on SEDAR its quarterly financial
statements, together with Management Discussion and Analysis for
the three months ended March 31, 2014.
- The Company announces today that it has entered into a binding
purchase and sale agreement (together with an amending agreement)
with Seasons Retirement Communities ("Seasons") whereby Kingsway
has agreed to sell the Clarington Retirement Residence
("Clarington") to Seasons. The transaction is scheduled to close on
May 30, 2014 ("the Closing Date"). In December, 2013, the Company
engaged the services of an independent licensed real estate
brokerage firm (the "Agent") to solicit bids for Clarington. The
marketing of the property commenced in January, 2014. A letter of
intent with Seasons was executed on February 25, 2014 and a
purchase and sale agreement was executed on March 21, 2014;
however, the purchase and sale agreement was subject to
satisfactory completion of due diligence by Seasons at its sole
discretion. On May 6, 2014, the Company and Seasons entered into an
amending agreement to the purchase and sale agreement, whereby
Seasons waived its due diligence conditions, and placed a
non-refundable deposit in trust with the Company's counsel. The
purchase price for Clarington is $27.345 million, payable in cash
at the Closing Date. The Company will utilize the funds received at
the Closing Date to fully discharge the outstanding mortgage
obligations on Clarington at the Closing Date and will utilize the
remaining funds for working capital purposes. The fees for the
Agent will be approximately 2% of the purchase price. Promptly
following the Closing Date, the Company will issue a further press
release confirming the closing of the transaction and file the
material agreements on SEDAR.
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 and 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.
Kingsway Arms Retirement Residences Inc.Mr. Dan AmadoriChair,
Board of Directors416-644-4361
Kingsway Arms Retirement Residen (TSXV:KWA)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Kingsway Arms Retirement Residen (TSXV:KWA)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024