SHARBOT
LAKE, ON, May 3, 2024 /CNW/ - Frontenac Mortgage
Investment Corporation ("FMIC") announces that it has filed
amended and restated interim unaudited financial statements and
related management's discussion and analysis ("MD&A")
for the quarters ended March 31,
2023, June 30, 2023 and
September 30, 2023 (the
"Restatement"). The Restatement is being filed with the
agreement of the Ontario Securities Commission (the "OSC")
following a review by the OSC and relates to the measurement of
mortgage impairment provisions in accordance with International
Financial Reporting Standards ("IFRS") for a loan package
(the "Loans") that had been made to a borrower in relation
to a large residential development property (the "Property")
and has been impaired.
As disclosed in FMIC's press release of April 30, 2024, the Restatement corrects an error
in the application of IFRS to the expected credit losses of the
Loans. In general terms, it involves reducing the estimated
proceeds from a sale of the Property, increasing the estimated
expenses and liabilities associated with selling the Property
pursuant to FMIC's mortgage rights and increasing the estimated
time that it would take to sell the Property under FMIC's mortgage
rights.
The amended and restated financial statements will be made
available under FMIC's profile on SEDAR+ at www.sedarplus.ca.
Forward-Looking Statements
This press release contains certain forward-looking statements
and forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of
applicable Canadian securities laws, which may include, but are not
limited to, information and statements regarding or inferring the
future business, operations, financial performance, prospects, and
other plans, intentions, expectations, estimates, and beliefs of
the Corporation. All statements other than statements of present or
historical fact are forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "anticipate", "achieve", "could", "believe", "plan",
"intend", "objective", "continuous", "ongoing", "estimate",
"outlook", "expect", "may", "will", "project", "should" or similar
words, including negatives thereof, suggesting future outcomes.
Forward-looking statements involve and are subject to
assumptions and known and unknown risks, uncertainties, and other
factors beyond FMIC's ability to predict or control which may cause
actual events, results, performance, or achievements of FMIC to be
materially different from future events, results, performance, and
achievements expressed or implied by forward-looking statements
herein. Forward-looking statements are not a guarantee of future
performance. Although FMIC believes that any forward-looking
statements herein are reasonable, in light of the use of
assumptions and the significant risks and uncertainties inherent in
such statements, there can be no assurance that any such
forward-looking statements will prove to be accurate. Actual
results may vary, and vary materially, from those expressed or
implied by the forward-looking statements herein. Accordingly
readers are advised to rely on their own evaluation of the risks
and uncertainties inherent in forward-looking statements herein and
should not place undue reliance upon such forward-looking
statements. All forward-looking statements herein are qualified by
this cautionary statement. Any forward-looking statements herein
are made only as of the date hereof, and except as required by
applicable laws, FMIC assumes no obligation and disclaims any
intention to update or revise any forward-looking statements herein
or to update the reasons that actual events or results could or do
differ from those projected in any forward-looking statements
herein, whether as a result of new information, future events or
results, or otherwise.
SOURCE Frontenac Mortgage Investment Corporation