NexLiving Communities Announces Board Committee Composition and Corporate Promotion

HALIFAX, NS, Oct. 21, 2024 /CNW/ - (TSXV: NXLV) – NexLiving Communities Inc. ("NexLiving" or the "Company") is pleased to announce its Board committee composition, following the appointment of four new directors as part of the Devcore Transaction, which closed on August 30, 2024.

The Audit Committee will be chaired by Mike Anaka, CPA, ICD.D, and will include Rick Turner, ICD.D and Jeff York, CPA. The Corporate Governance and Compensation Committee will be chaired by Bill Hennessey and include JP Poulin and Francis Pomerleau. In alignment with best-in-class corporate governance practices, Rick Turner will transition from Vice Chair to Lead Independent Director. Together with Jeff York as Chairman, Mike Anaka as Chair of the Audit Committee, and Bill Hennessey as Chair of the Governance Committee, the Board remains well-positioned to ensure continuity and positions the Company with strong governance and unified leadership as it enters its next phase of growth.

NexLiving is also pleased to announce the promotion of Ahmed Shethwala, CPA to the position of Vice President, Finance. Mr. Shethwala joined NexLiving in 2022, bringing valuable experience from his previous roles as an Associate at National Bank of Canada and Senior Manager at KPMG, where he specialized in real estate. Since joining, Mr. Shethwala has been instrumental in the Company's financial reporting, planning, and asset management processes. He holds a BBA from Wilfrid Laurier University.

All appointments and committee compositions were unanimously approved by NexLiving's Board of Directors. Mr. Shethwala's promotion to VP Finance is subject to TSX Venture Exchange approval.

About NexLiving

NexLiving continues to execute on its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. NexLiving aims to deliver exceptional living experiences to our residents and provide comfortable, affordable housing solutions that cater to a wide range of demographics. The properties offer a range of modern and updated suites, with a variety of amenities and features that allow residents to experience a hassle-free and maintenance-free lifestyle. NexLiving is committed to investing in its properties to ensure that they are modern and up to date. For its recently acquired properties in Ontario, the Company has undertaken a targeted value-add capital program to modernize and reposition the large existing suites. The Company currently owns 2,030 units in New Brunswick, Ontario and Quebec. NexLiving has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out by the Company (proximity to healthcare, amenities, services and recreation), management has assembled a significant pipeline of potential acquisitions for consideration by the Board.

For more information about NexLiving, please refer to our website at www.nexliving.ca and our public disclosure at www.sedarplus.ca.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "projects", "estimates", "forecasts", "intends", "continues", "anticipates", "does not anticipate" or "believes", or variations (including negative variations) of such words and phrases. Forward-looking statements may also state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements contained in this news release include, but are not limited to, statements regarding the closing of the Transaction and the composition of management of NexLiving. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. These forward-looking statements reflect the current expectations of the Company's management regarding future events and operating performance, but involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These risks and uncertainties are more fully described in NexLiving's regulatory filings, which can be obtained on SEDAR+ at www.sedarplus.ca under NexLiving's profile, as well as under the "Risk Factors" section of the Company's MD&A released on August 15, 2024. Although forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that the Company's actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. The forward-looking statements in this new release speak only as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

SOURCE NexLiving Communities Inc.

For further information: Stavro Stathonikos, [email protected], [phone]