TORONTO, April 24,
2024 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN
Financial Group ("MCAN" or the "Company") (TSX:
"MKP") today announced that Floriana
Cipollone, Senior Vice President & Chief Financial
Officer will be leaving the Company effective immediately to pursue
other opportunities.
"On behalf of the Board of Directors, I would like to thank
Floriana for her years of dedication and many contributions to the
Company and wish her continued success in her future endeavors,"
said Don Coulter, President &
Chief Executive Officer.
The Company has an executive search process underway to assess
potential internal and external candidates and expects to fill the
permanent position of Senior Vice President & Chief Financial
Officer in the coming months.
In the interim, Peter Ryan has
been appointed as Interim Chief Financial Officer. Mr. Ryan
is a seasoned senior executive with over 15 years of financial and
industry experience including over four years with the Company,
serving as Director, Financial Reporting and Accounting and most
recently as Vice President and Controller.
About MCAN
MCAN Mortgage Corporation d/b/a MCAN Financial Group 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). MCAN is the largest MIC
in Canada and the only federally
regulated MIC.
MCAN's primary objective is to generate a reliable stream of
income by investing in a diversified portfolio of Canadian
mortgages, including residential mortgages, 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. MCAN is Investing in Communities and Homes for
Canadians.
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. Forward-looking information
contained in this news release includes statements relating to
MCAN's expected timeline on appointing a permanent Chief Financial
Officer. 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, including, but not limited to, risks as discussed
under "Risk Factors" in the Company's most recent annual
information form available under the Company's profile on SEDAR+
at www.sedarplus.ca. In addition, general risks relating
to capital markets, economic conditions, regulatory changes, as
well as the operations of MCAN's business may also 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 is 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