VANCOUVER, British Columbia, Aug. 04, 2017 (GLOBE NEWSWIRE) -- Element Lifestyle Retirement
Inc. ("Element" or the “Company”) (TSX-V:ELM) announces that, further to its press release dated April 28, 2017 which
announced the Company had entered into an agreement to acquire a 1.96 acre property located at Bayview Place, Victoria, British
Columbia (the “Lands”) with a vision to develop the Lands into an intergenerational aging-in-place community, subject to the
completion of certain conditions, the Company and the vendor have agreed to further extend the due diligence period to August 10,
2017 in the fair and balanced interests of both parties. A deposit of $250,000 that was originally due on or before July 24, 2017
is due on or before August 10, 2017. The Company will provide further updates when available.
The Company also announces that it has obtained the acceptance of the TSX Venture Exchange to extend the closing
date of its $6 million non-brokered convertible debenture private placement (the “Private Placement”) to September 1, 2017. Please
see the Company’s press release dated June 19, 2017 for further information on the Private Placement. The Private Placement remains
subject to the satisfaction of certain conditions, but not limited to, acceptance of the TSX Venture Exchange.
Don Ho, President, commented, “We are committed to completing the acquisition of the Lands and working
assiduously to complete necessary due diligence work with the intention of commencing development as promptly as possible. Element
believes in the value that a mixed use, vibrant and growing community brings to Element’s intergenerational, aging-in-place model.
The Company is excited to participate in the realization of the vision behind a master-planned community and sees its strategic
growth in the development arena focused on similarly central, amenity-rich communities.”
About Element Lifestyle Retirement Inc.
Element was established in June 2013 in Vancouver, British Columbia and is in the business of providing specialized development
expertise and flexible, innovative management services for intergenerational retirement communities. Since Element’s inception, the
Company’s revenue model has been based on the development and management of third party assets in the “retirement community” space.
The Company has now moved into the acquisition arena with the purpose of building a high-quality asset portfolio that is directly
owned including real estate, purchasing potential existing operations and ultimately, operating the properties that the Company
develops. The organization aspires to be one of the most respected aging-in-place retirement living specialists in North America,
emphasizing the intergenerational “Continuum‐of‐Lifestyles” model, which encompasses a smooth, seamless transition for seniors from
independence to assisted living to complex care, in an environment that integrates accommodation and activities for all ages, all
in the same residential community. The management team of Element has several decades of experience developing and operating
retirement communities.
ON BEHALF OF THE BOARD OF DIRECTORS
ELEMENT LIFESTYLE RETIREMENT INC.
“Michael Diao”
Chief Executive Officer and Director
michaeldiao@elementliving.com
For further information, please visit www.elementliving.com or contact Investor Relations 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.
The securities being offered have not been, and will not be registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any applicable securities laws of any state of the United States and may not be offered or
sold within the United States or to, or for the account or benefit of, U.S. persons absent of such registration or an applicable
exemption from such registration requirements. This press release does not constitute an offer for sale, or a solicitation of an
offer to buy, the securities, nor will there be any sale of these securities in any state of other jurisdiction in which such
offer, solicitation or sale is not permitted, including, but not limited to, the United States (“United States” and “U.S. person”
are defined in Regulation S under the U.S. Securities Act).
Forward Looking Statement Caution
Certain information contained in this news release constitutes “forward-looking information” or “forward-looking
statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information
includes statements regarding the acquisition of the Lands, development of a project on the Lands, financing of the project
proposed for the Lands, future revenues, assessing opportunities and advancing the Company’s plans and any statements regarding the
Company’s business plans, expectations and objectives. There can be no assurance that the Company will proceed to satisfy the
conditions necessary to complete the acquisition of the Lands or that it will complete the Private Placement. 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. For additional
information with respect to these and other factors and assumptions underlying the forward-looking information made in this news
release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by
the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are
available at www.sedar.com under the Company’s profile and on
the Company’s website, www.elementlifestyleretirement.com. The forward-looking information set forth herein reflects the Company’s
expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise,
other than as required by law.
