TORONTO, Jan. 3, 2019 /CNW/ - Street Capital Group Inc. ("Street Capital" or the "Company") (TSX: SCB), which operates primarily through its wholly-owned subsidiary Street Capital Bank of Canada ("Street Capital Bank" or the "Bank"), today announced that Lea Ray, Chair of the Company's Audit Committee, has been appointed Chair of the Company's Board of Directors (the "Board"), effective today. On December 24, 2018, the Company announced that Allan Silber intended to retire from the Board once a suitable replacement could be appointed.
"On behalf of Street Capital's entire team and Board of Directors, I would like to thank Allan for his significant contributions, guidance and support over a distinguished, almost 40-year career with the Company," said Duncan Hannay, President and CEO of Street Capital. "We welcome Lea Ray as Chair of Street Capital and Street Capital Bank. Ms. Ray has been an important contributor to the Company's strategic direction and governance since 2015, when she joined the Board. I am confident that her experience as a proven financial leader will be invaluable as the Company embarks on a strategic realignment focused on strengthening profitability and positioning the Bank for future growth."
Ms. Ray is a Chartered Professional Accountant and seasoned board director, holding an Institute of Corporate Directors certification ("ICD.D") from the Institute of Corporate Directors. Ms. Ray's board experience spans various industries, where she has chaired several Audit, Finance and Governance Board Committees and has served as a board Vice Chair. Her financial career began with PricewaterhouseCoopers and she is a former executive, Vice-President Corporate Finance, of Warner Bros. Entertainment Canada Inc., where she was employed for 19 years. Ms. Ray has served on the Professional Conduct Committee of the Chartered Professional Accountants (Ontario) and has served as a board member and volunteer of several non-profit health, conservation and community institutions.
About Street Capital Group Inc. (streetcapitalgroup.ca)
Street Capital Group Inc. (TSX: SCB) is a public company operating through its wholly-owned subsidiary, Street Capital Bank of Canada, a federally regulated Schedule I Bank offering residential mortgage loans. Street Capital Bank of Canada sources its mortgage products primarily through a network of independent mortgage brokers across Canada with whom it has built relationships. Street Capital Bank of Canada offers a broad line-up of high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to top tier financial institutions or holds them on balance sheet. Street Capital Bank of Canada lends throughout all of the Provinces of Canada (other than Quebec) and has offices in Ontario, Alberta and British Columbia. For more information please visit streetcapital.ca.
This release contains certain forward-looking statements that are based on management's exercise of business judgment as well as assumptions made by, and information currently available to, management. When used in this document, the words "may", "plan", "will", "anticipate", "believe", "estimate", "expect", "intend", and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as outlined in the Company's Annual Information Form and other filings made with securities regulators, which are available on SEDAR (sedar.com). These factors include, without limitation: expansion opportunities, technological changes, regulatory changes (including mortgage insurance rules), and changes to the business and economic environment, including, but not limited to, Canadian housing market conditions and activity, interest rates, mortgage backed securities markets, and employment conditions that may impact the Company, its mortgage origination volumes, investments and capital expenditures, and competitive factors that may impact revenue and operating costs. Any of these factors, amongst others, could cause actual results to vary materially from current results or from the Company's currently anticipated future results and financial condition. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
SOURCE Street Capital
For further information: Jonathan Ross, LodeRock Advisors Inc., Inv. Relations, [email protected], (416) 283-0178