HALIFAX, Aug. 1, 2019 /CNW/ - ViveRE Communities Inc.
(TSXV: VCOM) ("ViveRE" or the "Company") provides the
following business update.
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ViveRE's plan to acquire recently built or refurbished, highly
leased multi-residential properties in bedroom communities across
Canada continues to advance. The
Company aims to satisfy the needs of the newly emerging 55+
resident. The demographic that has changed the world is now
changing the way residential rental apartments cater to their
requirements. Their desire for community, along with service and
convenience amenities has led to the emergence of the Naturally
Occurring Retirement Community or "NORC". Apartments are the next
"home", after years of owning they look to the carefree lifestyle
provided through renting in a community of their peers. ViveRE
Communities Inc. intends to consolidate this emerging market niche
across the Country. After the acquisitions of 41 and 50 Noel
Avenue, Saint John, New Brunswick,
the Company has developed a robust pipeline of qualified properties
for potential acquisition. Screening properties identified to match
the criteria set out in the Company business plan (proximity to
healthcare, amenities, services and shopping), management has
identified a number of attractive targets for consideration by the
Board. 41 and 50 Noel Avenue, Saint
John, NB, totalling 73 units, continue to be fully leased
and are performing to expectations. The Company intends to acquire
in excess of 400 units in the coming twelve months.
In accordance with the terms of ViveRE's outstanding 12%
Convertible Debentures, the Company intends to settle $19,660.24 of interest payable for the three
month period ending July 31, 2019,
with the issuance of 127,661 common shares at a deemed price per
share of $0.154. The issuance of the
common shares is subject to receipt of final Exchange approval.
ViveRE also announces that it is issuing an aggregate of 333,331
common shares of the Company to a number of officers, directors and
consultants for ongoing services pursuant to consulting agreements
between the Company and each of Trimaven Capital Advisors, Dr.
Brian Ramjattan, THLA Services Ltd
and Aconi Financial Corp Ltd (the "Consultants") in the amount of
$73,333.33 for the two months ended
July 31, 2019 in accordance with the
provisions of Exchange Policy 4.3 – Shares for Services. The deemed
price of these common shares is $0.22. The Company received disinterested
shareholder approval for the Shares for Debt transaction at its
Annual and Special Meeting of Shareholders on May 31, 2019. The issuance of the shares is
subject to receipt of final Exchange approval.
About ViveRE Communities Inc.
ViveRE is a real estate acquisition and ownership company,
focused on recently built or recently refurbished, highly leased
multi-residential properties in bedroom communities across
Canada. The Company aims to
satisfy the needs of the newly emerging 55+ resident. This
demographic is changing the way residential rental apartments cater
to their requirements. Their desire for community, along with
services and convenience amenities, has led to the emergence of the
Naturally Occurring Retirement Community or "NORC". Apartments are
the next "home", after years of owning they look to the carefree
lifestyle provided through renting in a community of their peers.
ViveRE intends to consolidate this emerging market niche across the
country.
Forward-looking statements
This news release contains forward-looking statements
relating to the future operations of ViveRE and other statements
that are not historical facts. Forward-looking statements are often
identified by terms such as "aims", "intends", "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the Acquisition, the Offering, the receipt of requested TSXV and
securities regulatory approvals, and the future plans and
objectives of ViveRE Communities Inc, are forward-looking
statements that involve risks and uncertainties, and are
necessarily based on a number of assumptions
that, while considered reasonable by management, are
inherently subject to business, market and economic risks,
uncertainties and contingencies that may cause actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking statements. There
can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could
cause actual results to differ materially from ViveRE Communities
Inc.'s expectations include other risks detailed from time to time
in the filings made by ViveRE Communities Inc. with securities
regulators.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of ViveRE Communities Inc. The reader
is cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and ViveRE Communities Inc.
will only update or revise publicly the included forward-looking
statements as expressly required by Canadian securities
law.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE ViveRE Communities Inc.