Leisureworld Senior Care Corporation Completes $190 Million Initial Public Offering

MARKHAM, ONTARIO--(Marketwire - March 23, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Leisureworld Senior Care Corporation ("Leisureworld" or the "Company") (TSX:LW) today announced the completion of its Initial Public Offering of 19,020,000 common shares. The shares were sold to investors at a price of $10.00 per share, generating total gross proceeds of approximately $190 million. Leisureworld's common shares begin trading today on the Toronto Stock Exchange under the trading symbol "LW".

"We're very pleased by the enthusiasm demonstrated by the financial community for our common share offering," said David Cutler, President and Chief Executive Officer of Leisureworld. "This transaction affirms the important role we play as a leading long-term care provider. With excellent industry fundamentals underlying our strong platform for growth, Leisureworld is positioned to deliver an attractive yield along with consistent, long-term growth."

The offering was sold through a syndicate of underwriters led by TD Securities Inc., Macquarie Capital Markets Canada Ltd. and RBC Dominion Securities Inc., and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Brookfield Financial Corp., and Genuity Capital Markets. The underwriters have been granted an over-allotment option, exercisable in whole or in part for a period of 30 days, to purchase up to an additional 958,649 common shares of Leisureworld at the offering price.

The Company has used the net proceeds of the offering to indirectly acquire approximately 95% of the ownership interests in Leisureworld's operating assets, Leisureworld Senior Care LP and Leisureworld Senior Care GP Inc., from Macquarie Long Term Care LP ("MLTCLP"), to repay approximately $62 million of debt and to pay offering-related expenses, including underwriting commissions, of approximately $15 million. The net proceeds of the exercise of the over-allotment option, if exercised, will be used to acquire the remaining 5% ownership interest in Leisureworld's operating assets. If the over-allotment option is not exercised, MLTCLP will hold a retained interest in the Company equal to up to 5% of the common shares.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Leisureworld
Leisureworld is the third largest licensed long-term care (LTC) provider in Ontario. The Company owns and operates 26 LTC homes, representing approximately 4,314 beds across Ontario, Canada. Leisureworld also owns and operates one retirement home with 29 beds and one independent living home with 53 apartments. Leisureworld subsidiaries include: Preferred Health Care Services, an accredited provider of professional nursing and personal support services, Ontario Long Term Care, a provider of purchasing services, dietary, social work, and other regulated health professional services, and Tealwood Developments, a provider of laundry services to the Leisureworld Homes.

Forward-looking Statements

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as "will", "intend", "expect", "schedule" or other similar words and include, among other things, statements relating to the Company's growth prospects, the size and use of proceeds of the IPO and related over-allotment option granted to the underwriters and structuring and payment for the balance of the ownership interests. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements in this news release are based on information currently available and what the Company currently believes are reasonable assumptions. Such assumptions include, but are not limited to, the LTC regulatory environment in the Province of Ontario and levels of funding available for LTC homes, Leisureworld's future growth potential, results of operations, future prospects and opportunities, the demographic and industry trends remaining unchanged, a stable workforce, future levels of indebtedness and the current economic conditions remaining unchanged. Actual results may differ significantly from those suggested by the forward-looking statements for various reasons, including the risk factors discussed in the prospectus filed by Leisureworld with the Canadian securities regulatory authorities in relation to the IPO. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of the Company as at the date of this news release and speak only as at the date of this news release. Leisureworld does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

Leisureworld Senior Care Corporation
Derek Henderson
Investor Relations
(416) 447-4740 ext 232