2013-09-03 23:11:09 -
Vancouver, British Columbia CANADA, September 03, 2013 /FSC/ - Amica Mature Lifestyles Inc. (ACC - TSX), ("Amica" or the "Company") is pleased to announce that it has closed on a land purchase in Calgary, Alberta.
The approximately 3.43 acre development land site is located in the Southwest quadrant of Calgary in the established, upscale Evergreen neighbourhood. The location sits in convenient proximity to Fish Creek Provincial Park with site frontage along Fish Creek Boulevard Southwest. The Company anticipates developing the land in two phases for an Amica branded luxury Wellness & Vitality(tm) rental retirement residence. The project will be called Amica at Fish Creek and the Company currently estimates approximately 150 suites for the first phase.
"Last month we completed
construction and welcomed residents to
Amica at Aspen Woods, our first Wellness & Vitality(tm) residence in Calgary, Alberta," said Samir Manji, Amica's Chairman, President and CEO. "Based on our extensive research, we believe that Calgary is an attractive market for Amica to operate in and we look forward to expanding our existing presence in Alberta. Our Fiscal 2014 business plan remains focused on driving internal growth and our near-term plan for the land is to undertake pre-development activities. We have several potential joint venture partners interested in joining us in this development and plan to establish a joint venture with third party investors over the next couple of months. We do not expect the construction phase to commence before Fiscal 2015."
The total purchase price paid for the land was $4.25 million and was funded using all cash with no debt financing. The zoning, M-2 Multi-Residential - Medium Profile, is conducive to both the use and density requirements of a Wellness & Vitality(tm) residence.
ABOUT AMICA MATURE LIFESTYLES INC.
Amica Mature Lifestyles Inc., a Vancouver based public company, is a leader in the management, marketing, design, development and ownership of luxury seniors residences. There are 24 Amica Wellness & Vitality(tm) Residences in operation in Ontario, British Columbia and Alberta, Canada. Additionally, Amica has one residence under construction in Oakville, Ontario, one residence in pre-development in Calgary, Alberta and two existing operational residences in Ontario with expansions that are in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC". For more information, visit www.amica.ca.
This news release contains "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements").
These forward-looking statements are made as of the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as otherwise required by law. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to, statements regarding the future development and use of the land; the number of suites for the first phase; establishing a joint venture with third party investors over the next couple of months; not commencing construction before Fiscal 2015; the attractiveness of the Calgary market; the name of the project; and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic and market conditions, actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include, among others, risks related to: capital markets; cost overruns, delays and start-up losses for new real estate developments; the availability of capital to finance growth or refinance debt as it comes due; the ability of seniors to pay for Amica's services; Amica's ability to attract seniors with its services and keep pace with changing consumer preferences; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; dependence on the ability of Amica's co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; regulatory changes; job actions including strikes and labour stoppages; possible liability under environmental laws and regulations relating to removal or remediation of hazardous or toxic substances on properties owned or operated by Amica; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; foreign exchange rate volatility; as well as those factors discussed in Amica's Annual Information Form dated August 9, 2013, filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward looking statements, will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information, please contact:
Mr. Art Ayres
Chief Financial Officer
Amica Mature Lifestyles Inc.
Ms. Alyssa Barry
Manager, Investor Communications
Amica Mature Lifestyles Inc.
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To view the press release as a PDF file, please click on the following link:
Source: Amica Mature Lifestyles Inc. (TSX: ACC) www.amica.ca/
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