PrimeWest Mortgage Investment Corporation Announces Transition to a New President and CEO

SASKATOON, Jan. 18 /CNW/ - The Board of Directors of PrimeWest Mortgage Investment Corporation ("PrimeWest") announce that Alon (Al) Zack, President and CEO of PrimeWest, has given notice to the Board that later this year he will be leaving PrimeWest to pursue other business opportunities. The Board has begun the search for a new CEO, and Mr. Zack will be available to offer advice and support during the transition to a new CEO, which will occur by no later than June 30, 2011.

Board Chair Tom Archibald stated that "Mr. Zack has made a very valuable contribution to PrimeWest over the past four years, and we appreciate all he has been able to accomplish.  During the transition, Al will continue to work with the Board to help grow the organization and focus on our efficiencies.  The Board will look forward to working with the new President and CEO to further develop and implement our strategic goals."

Since Mr. Zack joined the organization in January of 2007, assets increased from $7.6 million to more than $27 million. PrimeWest has also achieved a five year average annual distribution to shareholders of 8%.

"I have enjoyed my time with PrimeWest and having the opportunity to oversee its substantial growth," Zack said. "The company is now moving into its next phase; the first five years were about growth and sustainability, while the next phase will be about expanding existing markets and improving efficiency."

About PrimeWest
PrimeWest is a public corporation based in Saskatoon and is the only Saskatchewan-based mortgage investment corporation.  The securities of PrimeWest are not listed or posted for trading on any exchange.

SOURCE PrimeWest Mortgage Investment Corporation

For further information:

Tom Archibald, Chairman
PrimeWest Mortgage Investment Corporation
Phone: (888) 955-1002


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