TORONTO, Oct. 9, 2018 /CNW/ - MCAN Mortgage Corporation ("MCAN" or the "Company") announces the departure of Mr. William Jandrisits as President, CEO and director of MCAN. The Board of Directors (the "Board") would like to express its gratitude to Mr. Jandrisits for his contribution to MCAN over the past 8 years.
The Board is pleased to announce that Ms. Karen Weaver has been appointed Interim CEO of MCAN until such time as a permanent successor is appointed. Ms. Weaver has been a director of MCAN since November 2011 and Chair of the Audit Committee since May 2013. She is licensed by the Washington State Board of Public Accountants, is a certified corporate director ("ICD.D") in Canada and a member of the Institute of Corporate Directors. Ms. Weaver has significant experience in real estate, financing, public financial accounting and reporting and corporate strategy and operations. She has spent 20+ years as Chief Financial Officer of publicly listed corporations, including First Capital Realty Inc. from 2004-2014 and DH Corporation from 2014-2017.
The Board will be conducting a search for a suitable permanent successor candidate.
MCAN is a public company listed on the Toronto Stock Exchange ("TSX") under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a mortgage investment corporation ("MIC") under the Income Tax Act (Canada) (the "Tax Act").
The Company's primary objective is to generate a reliable stream of income by investing its corporate funds in a portfolio of mortgages (including single family residential, residential construction, non-residential construction and commercial loans), as well as other types of financial investments, loans and real estate investments. MCAN employs leverage by issuing term deposits eligible for Canada Deposit Insurance Corporation ("CDIC") deposit insurance up to a maximum of five times capital (on a non-consolidated tax basis in the MIC entity) as permitted by the Tax Act. The term deposits are sourced through a network of independent financial agents. As a MIC, MCAN is entitled to deduct from income for tax purposes 100% of dividends, except for capital gains dividends, which are deducted at 50%. Such dividends are received by the shareholders as interest income and capital gains dividends, respectively.
MCAN's wholly-owned subsidiary, XMC, is an originator of residential first-charge mortgage products across Canada. As such, XMC operates primarily in one industry segment through its sales team and mortgage brokers.
MCAN is also an NHA MBS issuer.
SOURCE MCAN Mortgage Corporation
For further information: MCAN Mortgage Corporation, Website: www.mcanmortgage.com, e-mail: email@example.com; Karen Weaver, Interim Chief Executive Officer, (416) 988-8312; Ian Sutherland, Chair of the Board, (647) 393-1542