TORONTO, April 1 /CNW/ - Xceed Mortgage Corporation (TSX: XMC), a Canadian provider of insured mortgages, today acknowledged that it has been served with a Statement of Claim filed by HSBC Financial Corporation Limited in the Superior Court of Ontario alleging, among other things, certain breaches of Xceed's credit and collection policies and related agreements. Xceed believes the Statement of Claim is frivolous and completely without merit and intends to vigorously defend itself in this matter.
Xceed Mortgage Corporation, based in Toronto, is a Canadian provider of insured residential mortgages that it originates in Canada. The company has approximately $1.9 billion of mortgages and other assets under administration. Xceed's shares are traded on the Toronto Stock Exchange. To find out more about Xceed Mortgage Corporation, visit our website at www.xceedmortgage.com.
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the mortgage industry, the ability of Xceed to continue to execute its growth and development strategy, and the reliance of Xceed on key personnel. Xceed assumes no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in these. Additional information identifying risks and uncertainties is contained in Xceed's regulatory filings available on its website and at www.sedar.com.
SOURCE XCEED Mortgage Corporation
For further information: For further information: Investor and Media Relations: Richard Wertheim, Wertheim + Company Inc., (416) 594-1600 ext. 223 or (416) 518-8479 (cell), Email: email@example.com