TORONTO, March 10,
2023 /CNW/ - MCAN Mortgage Corporation d/b/a
MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP)
announced today that following her 12 years of service on our Board
of Directors and her successful tenure since appointment as
President and CEO in October 2018
(initially as Interim), Karen Weaver
will be retiring effective March
2024. Karen will continue leading MCAN to ensure an orderly
transition to a new President and CEO.
The Board of Directors has retained Caldwell Partners
International to conduct a comprehensive search for Karen's
successor.
With an experienced and committed leadership team, focused
portfolio, dedication to customer service and a strong balance
sheet, MCAN is poised to continue strategic and profitable growth,
improve market position and continue investing in communities and
homes for Canadians.
MCAN is a public company listed on the Toronto Stock Exchange
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 in a diversified portfolio of
Canadian mortgages, including residential, residential
construction, non-residential construction and commercial loans, as
well as other types of securities, loans and real estate
investments. MCAN employs leverage by issuing term
deposits that are eligible for Canada Deposit Insurance Corporation
deposit insurance that are sourced through a network of independent
financial agents. We manage our capital and asset balances based on
the regulations and limits of both the Tax Act and the Office of
the Superintendent of Financial Institutions Canada
("OSFI").
As a MIC, we are entitled to deduct the dividends that we pay
to shareholders from our taxable income. Regular dividends are
treated as interest income to shareholders for income
tax purposes. We are also able to pay capital gains dividends,
which would be treated as capital gains to shareholders for income
tax purposes. Dividends paid to foreign investors may be subject to
withholding taxes. To meet the MIC criteria, 67% of our
non-consolidated assets measured on a tax basis are
required to be held in cash or cash equivalents and residential
mortgages.
Our MCAN Home division operates through MCAN's wholly owned
subsidiary, XMC Mortgage Corporation, which has legally changed its
name effective April 1, 2022, to MCAN
Home Mortgage Corporation.
Website: www.mcanfinancial.com
A Caution About Forward-looking
Information and Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws. Forward- looking
information can be identified by words such as: "expect", "intend,"
"plan," "seek," "believe," "estimate," "future," "likely," "may,"
"should," "will" and similar forward-looking language. Future
prospects of MCAN constitutes forward-looking information. The
forward-looking information contained in this news release is based
on a number of assumptions which we believe to be reasonable,
including assumptions relating to the investment opportunities that
will be available to MCAN in its core business. Forward-looking
information entails various risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in such forward-looking information. Risks that could cause
actual results to differ materially from those expressed or implied
in the forward-looking information contained in this press release
include, but are not limited to, general risks relating to capital
markets, economic conditions, regulatory changes, as well as the
operations of our business. These factors may cause actual
results to differ materially from those expressed or implied in
such forward-looking information. Forward-looking information is
not a guarantee of future performance, and management's assumptions
upon which such forward-looking information are based may prove to
be incorrect. Investors are cautioned not to place undue reliance
on any forward-looking information contained herein. The Company
disclaims any obligation to update or revise any forward-looking
information contained in this news release, whether as a result of
new information, future events or otherwise, except to the extent
required by law.
SOURCE MCAN Mortgage Corporation