KWA

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




1.  Subject to TSX Venture Exchange approval, the Company has secured a
    $15,000 private placement financing. 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 $.05 per share together with a common share
    purchase warrant (a "Warrant") to acquire an additional common share at
    an exercise price of $.10 per common share. The Warrants have a 5 year
    term and will expire on June 14, 2018 if unexercised by that date. The
    Company will issue 300,000 common shares from treasury for this
    subscription. Subsequent to the completion of the private placement, the
    Company will report 17.6 million common shares issued and outstanding.

2.  The Board of Directors has approved the issuance of 565,000 common stock
    options to officers, directors and employees of the Company. The options
    have a strike price of $0.10 per common share and have a term of 5 years
    through June 14, 2018. The options are fully vested upon issuance.
    Subsequent to the issuance of these common stock options, the Company
    has 2,935,000 common stock options outstanding. 



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.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accept
responsibility for the adequacy or accuracy of this press release.


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

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