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VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Element Lifestyle Retirement Inc. (“Element or
the Company”) (TSXV- ELM), is pleased to announce that its wholly-owned subsidiary, Element Lifestyle Management Inc., has entered
into a Development Consulting Contract with Empreus Holdings Ltd. to analyse and consult on the viability of a real estate property
on south Granville Street in Vancouver, B.C. The scope of work will include exploring re-zoning schemes, analysing the financial
viability of these schemes which will include detailed proformas, retaining and directing the project architect followed by a final
report to Empreus for a decision to move forward. This project is at arms length to Element and is consistent with the
Company’s plan to provide its management expertise to projects in Western Canada.
CEO Michael Diao comments, “We are pleased to be retained by a third party developer to determine the viability
of a potentially outstanding project in a prime Vancouver West location. This is Element's first consulting contract, and we are
proud to leverage the development experience of Element's management team.”
Empreus President Joe Quan states, “Aligning Empreus with the management team from Element gives us confidence
that the right decisions will be made early on in our proposed project. In an ever-changing real estate environment, zoning
applications and future funding need to be analyzed with forward vision, and the development process needs to be very tightly
managed. We value the unique strength of this team, with specialized industry experience in both development and operations. We
believe this is critical to the long-term success of a retirement community.”
CONTACT INFORMATION
- Element Lifestyle Retirement Inc.
Michael Diao
Chief Executive Officer and Director
(604) 676-1418
www.ElementLiving.com
About Element Lifestyle Retirement
Element was established in June 2013 in Vancouver, British Columbia. It is in the business of providing
specialized development expertise and flexible, innovative management services for senior retirement communities. The core business
of Element is the development and management of third party assets in the "senior retirement community" space. Element aspires to
be one of the most respected senior living specialists in North America, and to revolutionize the perception and experience of
retirement and aging. Its brand differentiator, setting Element apart from others in the retirement industry, is the integration of
two unique models: the "Continuum-of-Lifestyles" and “intergenerational living”, encompassing a smooth, seamless transition for
seniors from independence to assisted living to complex care, and programming to actively facilitate connection of residents to
their families. The management team of Element, collectively, has over 50 years of experience developing and operating retirement
communities.
ON BEHALF OF THE BOARD
ELEMENT LIFESTYLE RETIREMENT INC.
Michael Diao, Chief Executive Officer and Director
Forward-looking Statement Caution
This news release contains "forward-looking information" within the meaning of applicable securities laws
relating to development of Element's business, including statements regarding timing of site excavation, timing for applying for
building permit, assessing opportunities and advancing the Company's plans. Although the Company believes in light of the
experience of its officers and directors, current conditions and expected future developments and other factors that have been
considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should
not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not
place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated
by these statements depending on, among other things, the risks associated with Element's business as disclosed in the Company's
most recently filed MD&A. The statements in this news release are made as of the date of this release. The Company undertakes
no obligation to update or revise any forward-looking information, whether as a result of new information, future events or
otherwise, except as required by applicable securities laws.
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.
