Element wins development consulting deal
Element Retained for Proposed Development in Vancouver West
February 7, 2019 – VANCOUVER, BC. Element Lifestyle Retirement Inc. (“Element or the Company”) (TSXV- ELM), is pleased to announce that its wholly-owned subsidiary, Element Lifestyle Management Inc., has entered into a Development Consulting Contract with Empreus Holdings Ltd. to analyse and consult on the viability of a real estate property on south Granville Street in Vancouver, B.C. The scope of work will include exploring re-zoning schemes, analysing the financial viability of these schemes which will include detailed proformas, retaining and directing the project architect followed by a final report to Empreus for a decision to move forward. This project is at arms length to Element and is consistent with the Company’s plan to provide its management expertise to projects in Western Canada.
CEO, Michael Diao, comments, “We are pleased to be retained by a third party developer to determine the viability of a potentially outstanding project in a prime Vancouver West location. This is Element’s first consulting contract, and we are proud to leverage the development experience of Element’s management team.”
Empreus President Joe Quan states “Aligning Empreus with the management team from Element gives us confidence that the right decisions will be made early on in our proposed project. In an ever-changing real estate environment, zoning applications and future funding need to be analyzed with forward vision, and the development process needs to be very tightly managed. We value the unique strength of this team, with specialized industry experience in both development and operations. We believe this is critical to the long-term success of a retirement community.”
Elaboration on the consulting contract was issued in a news release on February 19, 2019:
The value of the consulting contract will include a retainer of $100,000 with the initial fee being of $35,000, a
secondary fee of $35,000 with a final amount of $30,000 due prior to the release of the final report. If at
any time the client discontinues the contract, a $100,000 break fee will be payable to Element (less any
previous disbursements and taxes paid to Element).