TORONTO, April 27 /CNW/ - Xceed Mortgage Corporation (TSX: XMC), a
leading non-traditional mortgage lender, today announced that its President
and Chief Operating Officer, Michael Jones, has filed an insider trading
report disclosing that he has sold 125,000 shares in the company, or about
8 percent of his prior stake in the company on a diluted basis.
In addition to retaining 3,973 shares, Mr. Jones also holds 1,472,195
options, which means he retains a significant interest of approximately
5.4 percent of shares on a diluted basis.
"The sale of my shares was done solely for tax and estate-planning
purposes. I have no plans to make further sales at this time," Mr. Jones said.
"Effectively, this is a modest reduction in my stake in the company from
5.9 percent on a diluted basis prior to the sale to more than 5.4 percent
after it. I remain as confident about the outlook for Xceed as I did when
addressing our Annual and Special Meeting on April 23."
Xceed Mortgage also noted that no other officers or directors of the
company are selling shares at this time.
Xceed is one of a new breed of alternative residential mortgage lenders
in Canada. Xceed helps Canadians fulfill their aspirations of home ownership.
Its borrowers range from those who have solid credit and income histories, but
have not managed to save a down payment, to those who have gone through
periods with limited and specific credit difficulties but have since recovered
and repaired their credit. A growing proportion of Xceed's applicants are
renters, self-employed entrepreneurs, and recent immigrants to Canada, who may
otherwise not conform to major banks' electronic credit-scoring criteria.
By meeting the needs of Canadians for alternative financing, Xceed
Mortgage Corporation has grown to become one of the largest non-traditional
residential mortgage financing companies in Canada, with mortgage and other
assets under administration of approximately $2.5 billion. Xceed operates in a
market that is estimated to have a potential size of approximately
$70 billion. Xceed's shares are traded on the Toronto Stock Exchange (TSX:
XMC). To find out more about Xceed Mortgage Corporation, visit our website at
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.
For further information:
For further information: Investor and Media Relations: Richard Wertheim,
Wertheim + Company Inc., (416) 594-1600, email@example.com