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Press release from Marketwire

Amica Mature Lifestyles Increases Ownership in Amica at West Vancouver and Amica at City Centre

Tuesday, August 03, 2010

Amica Mature Lifestyles Increases Ownership in Amica at West Vancouver and Amica at City Centre08:30 EDT Tuesday, August 03, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2010) - Amica Mature Lifestyles Inc. (TSX:ACC) ("Amica" or the "Company"), a leader in the management, marketing, design, development and ownership of luxury housing and services for mature lifestyles, is pleased to announce the acquisition of additional ownership interests in Amica at West Vancouver and Amica at City Centre. Amica has completed the acquisition of an additional 35.16% interest in Amica at West Vancouver (located in West Vancouver, BC), bringing the Company's ownership position to 80.35%. In August 2010, Amica will complete the acquisition of an additional 34% interest in Amica at City Centre (located in Mississauga, ON), bringing the Company's ownership position to 68%. The effective date for both acquisitions is June 1, 2010. As a result of the Company's ownership interest in the residences increasing to greater than 50%, the Company will consolidate the assets, liabilities, operating results and cash flows of both of these communities in its financial statements commencing in the first quarter of fiscal 2011 (June 1, 2010 - August 31, 2010). Prior to these acquisitions, the Company's investment in these communities was reported on the equity basis of accounting. The aggregate purchase price for these acquisitions is $24.7 million, including: cash consideration of $3.7 million; and the assumption of the vendors' share of mortgages payable on the properties of $20.5 million and $0.5 million in other net liabilities. Samir Manji, Amica's President and Chief Executive Officer, stated, "Increasing our ownership positions in Amica at West Vancouver and Amica at City Centre represents a significant shift in our business model and strategy moving forward. We believe that acquisitions resulting from this shift in corporate strategy will enhance the Company's consolidated asset base and the corresponding revenues, operating results, and cash flow generated from these investments. At the same time, they will bring better balance to Amica's risk/reward profile and create greater long term value for Amica's shareholders."The acquisition of additional ownership interests in Amica at West Vancouver and Amica at City Centre reflects a shift in Amica's business strategy. Since inception, Amica has evolved from an owner/operator, whereby it owned 100% of all of its retirement residences, to a manager/operator, with a focus on growth in the number of Amica communities in operation managed by Amica (management operations) but in which Amica did not have a significant ownership interest (ownership operations). Going forward, while Amica will maintain its brand manager business model, it will now additionally focus on increasing its ownership position in some of its mature communities. Increasing its ownership position to over 50% in select existing communities will permit the Company to consolidate its ownership position in such communities, increase its total assets on the balance sheet and report the revenues, operating results, and cash flow generated by such communities in its financial statements. Additionally, the Company will look for opportunities to acquire ownership positions in, and management contracts for, qualified seniors residences not currently owned or managed by Amica. Management operations remains a key and essential part of Amica's business. Future growth in management operations will come from: (1) improving occupancy, MARPAS(1) and net operating income at each Amica community; and (2) the addition of new Amica communities under management. Amica believes that shareholder value can be created through both increased ownership operations and management operations, thereby improving earnings and cash flow.About Amica at West Vancouver Amica at West Vancouver is a 121-suite all-inclusive, luxury retirement community (including 9 condominiums) that was completed in 2005. Amica at West Vancouver is situated in a premier location in the lower mainland and currently operates at approximately 91% occupancy. About Amica at City Centre Amica at City Centre is a 136-suite all-inclusive luxury retirement community that was completed in 2005. Amica at City Centre is known as one of Mississauga's premier retirement residences and currently operates at approximately 93% occupancy. 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 housing and services for mature lifestyles. There are 25 Amica Wellness & Vitality(TM) Residences, including three in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC". For more information, visit Information 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 Company's growth prospects; the completion of the acquisition of an additional ownership interest in Amica at City Center; changes in the Company's method of accounting for Amica at West Vancouver and Amica at City Center; the Company's business model and strategy going forward; anticipated future financial results; future value for shareholders; occupancy levels, MARPAS and operating income; 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 to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic 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 dependence on the ability of Amica's co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; 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; risks associated with new developments, including cost overruns and start-up losses; the ability of seniors to pay for Amica's services; regulatory changes; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; the availability of capital to finance growth or refinance debt as it comes due; Amica's ability to attract seniors with its services and keep pace with changing consumer preferences, as well as those factors discussed in Amica's Annual Information Form dated August 18, 2009, filed with the Canadian Securities Administrators and available at and in the "Risks and Uncertainties" section of the Company's management's discussion and analysis for the three and nine month periods ended February 28, 2010 available at 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. (1) MARPAS is defined by the Company as Monthly Average Revenue Per Available Suite and includes non-consolidated communities and is equal to gross monthly revenues generated at the seniors residences divided by the number of suites available for rental. MARPAS is used by the Company to measure period-over-period performance of its properties.FOR FURTHER INFORMATION PLEASE CONTACT: Amica Mature Lifestyles Inc. Mr. Art Ayres Chief Financial Officer (604) 630-3473 or Amica Mature Lifestyles Inc. Ms. Alyssa Williams Manager, Investor Communications (604) 639-2171