Mr. Manji stated, "This transaction is a tangible example of Amica's ability to create value for its shareholders. At Summerland Apartments, Amica acquired an undervalued asset and by leveraging the Company's design and marketing expertise in the seniors housing market, created a one-of-a-kind seniors independent living apartment complex in Manitoba. The initial cash outlay to purchase this building was $2.3 million resulting in a return of 156% on cash invested over 34 months, not including the positive cash flowgenerated from operations during that period."

Mr. Manji added, "The sale of Summerland Apartments is a key step towards our overall strategy of moving from an owner/operator to an operator/owner whereby we will reduce our level of ownership in real estate and focus instead on leveraging our design, marketing and operating expertise in the seniorshousing sector. This, in turn, we believe will allow Amica to establish itself as the premier brand name in Canadian seniors housing.

While most companies in our sector have focused on health care environments, we are focusing on a very different niche. For Amica, the independent lifestyle oriented accommodation market for mature adults is where we believe the strongest demand relative to supply exists today. This type of accommodation is analogous to resort hotels for seniors. Our first four development joint ventures in the Toronto market with our partners at The Daniels Corporation are representative of both the level and quality ofaccommodation being developed and the demand that exists in the market. The completion of our first four developments in Toronto will then set the stage for new developments to become operational on a regular basis whereby as current developments approach completion, new developments commence construction.

The company will continue in its efforts to divest itself of non-core real estate assets that will generate strong returns and cash proceeds over the coming months. With the sale of Summerland Apartments complete, the Company will use $4.1 million dollars of the proceeds to repay in full its loan with HSBC Capital (Canada) Inc., which attracts an interest rate of 9.75%. This will strengthen the Company's balance sheet with no further short-term debt outstanding."

Mr. Manji further added, "The remainder of the cash will be used to invest in new joint venture developments and acquisitions which we believe have potential returns higher than those that have historically been achieved. These future acquisitions and developments will be structured so that Amica will retain less ownership than it has in the past while simultaneously branding each residence under the Amica banner. This strategy will allow Amica to maintain full control over the day to day management of the property on a fee for service basis and will substantially improve our levels of return on future investments as we benefit not only from the profitability of each residence, but also from the recurring management fee revenue stream that we will receive from the first day operations commence."

Amica Mature Lifestyles Inc., a Vancouver based public company, is a leading provider of seniors services and accommodation across Canada. There are 21 Amica Wellness & Vitality Residences, including four under development. These seniors' residences provide a full continuum of care that includes Seniors Independent Living Apartments, Retirement Communities, and Skilled Nursing Residences. The common shares of Amica are traded on The Toronto Stock Exchange under the symbol "ACC". The 8.25% Convertible Unsecured Subordinated Debentures are traded on The Toronto Stock Exchange under the symbol "ACC.DB".