TSX Symbol FC
TORONTO, June 8, 2017 /CNW/ - Firm Capital Mortgage Investment Corporation (the "Corporation") (TSX : FC) is pleased to announce the appointment of The Honourable Francis (Frank) J.C. Newbould as a new independent director.
Former Justice Newbould was appointed to the Ontario Superior Court of Justice in 2006. He sat in the Commercial List in Toronto, which heard a wide variety of commercial cases, including corporate amalgamations and reorganizations, proceedings for relief under business corporation legislation, including oppression actions, insolvency matters and other commercial matters and disputes. Former Justice Newbould presided over some of the leading corporate and insolvency/restructuring cases in Canadian history, including the first cross-border joint trial with the Delaware Bankruptcy Court in the Nortel case. Former Justice Newbould retired from the Bench on June 1, 2017.
Prior to his appointment, Justice Newbould was a partner and a lead counsel at Borden Ladner Gervais in Toronto, with a wide-ranging litigation counsel practice involving corporate and commercial disputes, banking and insolvency matters, class actions, insurance and re-insurance disputes, real estate and estate matters. He was called to the bar in 1969. Justice Newbould is a judicial fellow of the American College of Trial Lawyers. Prior to his appointment to the bench, he was a director of Pacific & Western Bank of Canada and of Cuddy International. Justice Newbould was appointed Queen's Counsel in 1981. He was also a Chartered Arbitrator of the ADR Institute; a member arbitrator of the Canadian Roster of the ICC International Court of Arbitration, a past Director of the Advocate's Society and past President of the Lawyers' Club of Toronto.
Eli Dadouch, President & CEO of the Corporation, stated, "We are pleased to announce the appointment of The Honourable Frank Newbould as a member of the Board. Firm Capital will benefit from his vast business experience and sound judgment. We are proud to have him join our board. "
Stanley Goldfarb, Chairman of the Board of the Corporation, stated, "As Chairman of the Board, we are excited to have Mr. Newbould join the board and provide his guidance to our Board and the Corporation."
About the Corporation
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation has been listed on the Toronto Stock Exchange since 1999 under the ticker symbol 'FC'. The Corporation's investment objective is the preservation of Shareholders' equity, while providing Shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to Shareholders. Full reports of the financial results of the Corporation for the year are outlined in the audited financial statements and the related management discussion and analysis of Firm Capital, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on Firm Capital's website at www.firmcapital.com.
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, our mortgage portfolio and our dividends, as well as statements with respect to management's beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form under "Risk Factors" (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this release. Those risks and uncertainties include, among others, risks associated with mortgage lending, dependence on the Corporation's mic manager and mortgage banker, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters, Shareholder liability and the introduction of new tax rules. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include, among others, that the Corporation is able to invest in mortgages at rates consistent with rates historically achieved; adequate mortgage investment opportunities are presented to the Corporation; and adequate bank indebtedness and bank loans are available to the Corporation. Although the forward-looking information continued in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Boutique Mortgage Lenders®
SOURCE Firm Capital Mortgage Investment Corporation
For further information: Firm Capital Mortgage Investment Corporation, Eli Dadouch, President & Chief Executive Officer, (416) 635-0221