Extendicare Announces Appointment of Al Mawani to Board of Directors

MARKHAM, Ontario, Dec. 01, 2017 (GLOBE NEWSWIRE) --  Extendicare Inc. ("Extendicare" or the "Company") (TSX:EXE) today announced the appointment of Al Mawani to its Board of Directors, effective immediately, for a term to expire at the next annual meeting of shareholders, whereupon Mr. Mawani will stand for election. This appointment increases Extendicare's board to nine directors.

Mr. Mawani brings with him invaluable experience as a highly regarded real estate executive and board member with national and North American firms across multiple asset classes, including private-pay retirement living operations. His 15-year c-suite experience includes:  as SVP/EVP & CFO of Oxford Properties Group Inc. from 1989 to 2001, President and CEO of Calloway/Smart Real Estate Investment Trust during 2011 to 2013, and President & CEO of privately-owned Rodenbury Investments Limited during 2015 and 2016.

Mr. Mawani serves on the TSX-listed boards of Granite Real Estate Investment Trust, as Chair of the Corporate Governance & Nominating Committee and a member of the Audit Committee, and Slate Office REIT, as Chair of the Audit Committee and a member of the Compensation, Governance & Nominating Committee. In addition, he has served on the boards of Boardwalk Real Estate Investment Trust, Calloway Real Estate Investment Trust, Amica Mature Lifestyles Inc., and IPC US Real Estate Investment Trust.

Mr. Mawani is a CPA, CA, and has a Masters in Law from York University, and a Master of Business Administration from the University of Toronto. He is also a member of the Institute of Corporate Directors.

"On behalf of the Board of Directors, I would like to welcome Al Mawani to our Board and look forward to working with him," said Alan Torrie, Chairman of Extendicare. "Al is an excellent complement to our existing Board. His knowledge and strategic input will further support our strategy to deliver value to our shareholders through organic growth and acquisitions," added Mr. Torrie.

ABOUT EXTENDICARE
Extendicare is a leading provider of care and services for seniors throughout Canada. Through our network of 115 operated senior care and living centres (66 owned/49 managed), as well as our home health care operations, we are committed to delivering care throughout the health care continuum to meet the needs of a growing seniors' population in Canada. Our qualified and highly trained workforce of 23,800 individuals is dedicated to helping people live better through a commitment to quality service and a passion for what we do.

Forward-looking Statements
Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition. Forward-looking statements can be identified because they generally contain the words "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "project", "will" or other similar expressions or the negative thereof. Forward-looking statements reflect management's beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare's forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare's website at www.extendicare.com.

For further information, contact:
Jillian E. Fountain
Corporate Secretary
Phone:  (905) 470-5534; Fax: (905) 470-4003
Email:  [email protected]
www.extendicare.com