Continuum Health Care Inc. announces shares for debt agreement

    CALGARY, Aug. 3 /CNW/ - Continuum Health Care Inc. ("Continuum" or the
"Corporation") ("TSX-V:CCF") today announced that it has completed its
previously announced issuance of 2,546,507 common shares at a deemed price of
$0.13 per share to a non-arm's length party in settlement of debt in the
amount of $331,046. This transaction has not resulted in any change of
control. The shares issued pursuant to this transaction bear a four month hold
    The non-arm's length party which the Corporation is settling debt
currently holds approximately 26.8% of the shares of the Corporation and
following this transaction will hold approximately 36% of the shares of the
Corporation. The board of directors of the Corporation has approved this
transaction, with the related party interested director abstaining.

    Continuum owns, operates, manages and develops assisted living
facilities. The Corporation now has facilities in Olds, Lethbridge and
Wetaskiwin which it jointly owns and manages, as well as facilities under
development or proposed in Camrose, Ponoka and High River. The total number of
units it owns is 112 and it manages an additional 55 units for its joint
venture partners. The Corporation has a total of 14,444,999 common shares
outstanding, 16,119,999 fully diluted. After the issuance of the common shares
in settlement of debt, the Corporation will have a total of 17,854,283 common
shares outstanding, 19,529,283 fully diluted.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Continuum Health Care Inc., Mr. Patrick Hovan,
President and CEO, Phone: (403) 556-1971

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