- Confirms no material undisclosed information -
TORONTO, Jan. 19, 2016 /CNW/ - Street Capital Group Inc. ("Street Capital" or the "Company") (TSX: SCB), at the request of the Investment Industry Regulatory Organization of Canada on behalf of the TSX, confirms that its management is not aware of any undisclosed material change to the Company's business or operations.
As disclosed on November 10, 2015, the Company is still in the Pre-Commencement Review phase of its application to the Minister of Finance to continue as a Schedule I bank. This phase, which is one of the last stages of the continuation process, includes an on-site review by OSFI to determine whether Street Capital is sufficiently prepared to commence business operations as a federally regulated financial institution. Once the on-site review has been completed, Street Capital will be expected to address any concerns and material findings coming out of that review prior to OSFI making a recommendation to the Minister of Finance for Letters Patent of Continuation and to the Superintendent of Financial Institutions for an Order to Commence and Carry on Business. At this point the Company does not have new material information to report and is expecting to provide an update with its fourth quarter press release in March unless new material information becomes available prior to that date.
About Street Capital Group Inc. (www.streetcapitalgroup.ca)
The Company (TSX: SCB) is a financial services company operating in residential mortgage lending through its wholly owned subsidiary Street Capital Financial Corporation (www.streetcapital.ca), one of the largest non-bank mortgage lenders in Canada. Founded in 1979 and a public company for more than a quarter century, the Company's goal is to create shareholder value by building a substantial, diversified financial services organization. Street Capital Financial Corporation sources its mortgages primarily through a network of independent, high quality mortgage brokers across Canada with whom it has built relationships. Street Capital Financial Corporation offers a broad lineup of high ratio and conventional mortgages, predominantly to prime borrowers, and sells the mortgages it underwrites to top-tier financial institutions. Business revenues are almost entirely from the gain on sale of mortgages.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Street Capital Group Inc.'s expectations, should be considered as forward-looking statements and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company's control, actual results may differ materially from the expectations expressed in the forward-looking statements. The Company undertakes no obligation, and does 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.
SOURCE Street Capital Group Inc.