Toronto Stock Exchange Symbol: COF
TORONTO, Nov. 19 /CNW/ - Coventree Inc. (TSX: COF) announces that Brendan
Calder has been appointed as Chairman of the Board of Directors of Coventree
(the "Board") until its next annual meeting. Mr. Calder's appointment as
Chairman replaces the Board's previous practice of nominating a Chairman for
each Board meeting on a rotating basis. Mr. Calder has been a director of
Coventree since May, 2005. Mr. Calder is an Adjunct Professor of Strategic
Management of the Rotman School of Management. Prior to joining Rotman, he was
chair, president and CEO of CIBC Mortgages Inc. Mr. Calder is a corporate
director of other companies and has received an ICD.D from the Institute of
As previously announced on September 18, 2007, Coventree remains
supportive of the efforts of the Consortium representing banks, asset
providers and major investors in asset-backed commercial paper ("ABCP") which
announced a proposal (the "Montreal Proposal") on August 16, 2007 to stabilize
the Canadian ABCP market.
"Coventree is committed to working with the Consortium and the related
Pan Canadian Investors Committee chaired by Mr. Purdy Crawford to find a
solution to the continuing market disruption on a timely basis," said Dean
Tai, Chief Executive Officer of Coventree.
On September 18, 2007, Coventree announced cost reduction measures.
Excluding the costs to implement those measures, the Company has presently
aligned its cost structure with its current expectations for revenue.
Coventree cannot project whether its revenues will continue at current levels
and cannot assess its financial position fully until detailed plans for a
solution to the continuing market disruption are available from the Pan
Canadian Investors Committee.
Coventree-sponsored conduits in the aggregate have approximately
$16 billion in fundings outstanding, of which approximately $7.7 billion are
liquidity-backed ABCP (also known as A notes) and $7.3 billion are extendible
ABCP (also known as E notes). This ABCP and other debt issued by the conduits
sponsored by Coventree are subject to the standstill that is a part of the
Montreal Proposal. While Coventree sponsors and administers these ABCP
conduits, the ABCP issued by them are not obligations of Coventree or
guaranteed by Coventree. The assets in such Coventree-sponsored conduits are
not owned by Coventree and therefore cannot be used by Coventree in its
business nor are they available to meet the obligations of Coventree to its
creditors. Similarly, the liabilities of such Coventree-sponsored conduits are
not obligations of Coventree - the recourse of the debtholders of a conduit is
generally limited to the assets of that conduit.
This press release includes certain forward-looking statements, including
those identified by the expressions "may", "would", "could", "will",
"anticipate", "believe", "plan", "forecast", "estimate", "expect", "intend",
"aim", "vision", "mission", "endeavour" and similar expressions to the extent
they relate to Coventree or its leaders or management ("leaders"). The
forward-looking statements are not historical facts but reflect such leaders'
current expectations regarding future results or events based on information
currently available to the leaders.
These forward-looking statements are subject to a number of known and
unknown risks, uncertainties and assumptions. Many factors could cause actual
results, performance or events to differ materially from current expectations
that may be expressed or implied by such forward-looking statements,
including, without limitation, the matters discussed under "Risk Factors"
contained on pages 58 to 65 of Coventree's Final Prospectus dated November 15,
2006 and in other sections herein and therein. Should one or more of these
risks or uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied by the
forward-looking statements contained in this report. These factors should be
considered carefully and prospective investors should not place undue reliance
on the forward-looking statements. Although the forward-looking statements
contained in this press release are based upon what Coventree's leaders
currently believe to be reasonable assumptions, the leaders cannot assure
prospective investors that actual results, performance or achievements will be
consistent with these forward-looking statements. These forward-looking
statements are made as of the date of this press release and Coventree does
not intend, and does not assume any obligation, to update or revise these
For further information:
For further information: Craig Armitage, The Equicom Group Inc., Tel:
(416) 815-0700 x278, Email: firstname.lastname@example.org