840 0 Kommentare Kingsway Arms Retirement Residences Inc. Announces Agreement to Sell Aurora Assets - Seite 2

In connection with the Sale Transaction, management of the Company intends to use the proceeds to discharge the two outstanding mortgages of the Company and make payments in respect of real estate fees, legal fees, other transactional expenses, other arm's-length fees and setoff costs. The Company estimates that the net balance available after all such discharges and payments are made will be approximately $1,650,000.

After the conclusion of the Sale Transaction, the Company will continue to evaluate its opportunities with a view towards continuing to build shareholder value. These opportunities may include a dividend distribution, raising additional (new) capital into the Company for the pursuit of other business opportunities, acquiring a new business entity or other options to be determined.

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; risks 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.