KWA

Kingsway Arms Retirement Residences Inc. (TSX VENTURE:KWA) (the "Company" or
"Kingsway") provides the following business update:




1.  Subject to TSX Venture Exchange approval, the Company has secured a
    $15,000 private placement financing from Dan Amadori, Chair of the Board
    of Directors. The private placement is structured as a unit offering of
    300,000 units, each unit consisting of one common share at a strike
    price of $0.05 per share together with a common share purchase warrant
    (a "Warrant") to acquire an additional common share at an exercise price
    of $0.10 per common share. The Warrants have a 5 year term and will
    expire on December 20, 2017 if unexercised by that date. The Company
    will issue 300,000 common shares from treasury for this subscription.
    Prior to this subscription, Mr. Amadori held 500,000 shares of the
    Company. As a result of this subscription, Mr. Amadori will hold common
    shares representing 4.62% of the Company's issued and outstanding
    shares. If all of the Warrants were exercised, Mr. Amadori would hold
    common shares representing 8.83% of the Company's issued and outstanding
    shares. 

2.  The Company continues to seek out new acquisition opportunities and new
    sources of financing to accommodate such acquisitions.



About Kingsway Arms Retirement Residences Inc.:

Kingsway is the owner of senior housing facilities located in Aurora, Ontario
and in Clarington, Ontario. The Corporation continues to actively pursue the
acquisition of development of additional senior housing facilities in order to
grow the Company's portfolio of properties.


Safe Harbor Statement:

This press release contains forward-looking statements. Such forward-looking
statements are subject to a number of risks, assumptions and uncertainties that
could cause the Company's actual results to differ materially from those
projected in such forward-looking statements. In particular, factors that could
cause actual results to differ materially from those in forward-looking
statements include: our inability to obtain additional financing on acceptable
terms; risk that our facilities will not gain widespread market acceptance;
inability to compete with others who provide comparable facilities.
Forward-looking statements speak only as of the date made and are not guarantees
of future performance. We undertake no obligation to publicly update or revise
any forward-looking statements. When used in this document, the words "believe,"
"expect," "anticipate," "estimate," "project," "plan," "should," "intend,"
"may," "will," "would," "potential," and similar expressions may be used to
identify forward-looking statements.


This press release is not an offer of securities for sale in the United States.
The securities of the Corporation referred to herein have not been and will not
be registered under the United States Securities Act of 1933, as amended.
Securities of the Corporation may not be offered or sold in the United States
absent registration or an exemption from registration.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Kingsway Arms Retirement Residences Inc.
Mr. Dan Amadori
Chair, Board of Directors
416-644-4361

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