TSX Symbol FC
TORONTO, June 8, 2017 /CNW/ - Firm Capital Mortgage
Investment Corporation (the "Corporation") (TSX : FC) is
pleased to announce the appointment of The Honourable Francis
(Frank) J.C. Newbould as a new independent director.
Former Justice Newbould was
appointed to the Ontario Superior Court of Justice in 2006. He sat
in the Commercial List in Toronto,
which heard a wide variety of commercial cases, including corporate
amalgamations and reorganizations, proceedings for relief under
business corporation legislation, including oppression actions,
insolvency matters and other commercial matters and disputes.
Former Justice Newbould presided
over some of the leading corporate and insolvency/restructuring
cases in Canadian history, including the first cross-border joint
trial with the Delaware Bankruptcy Court in the Nortel case. Former
Justice Newbould retired from the
Bench on June 1, 2017.
Prior to his appointment, Justice Newbould was a partner
and a lead counsel at Borden Ladner Gervais in Toronto, with a wide-ranging litigation
counsel practice involving corporate and commercial disputes,
banking and insolvency matters, class actions, insurance and
re-insurance disputes, real estate and estate matters. He was
called to the bar in 1969. Justice
Newbould is a judicial fellow of the American College
of Trial Lawyers. Prior to his appointment to the bench, he was a
director of Pacific & Western Bank of Canada and of Cuddy International.
Justice Newbould was appointed
Queen's Counsel in 1981. He was also a Chartered Arbitrator of the
ADR Institute; a member arbitrator of the Canadian Roster of the
ICC International Court of Arbitration, a past Director of the
Advocate's Society and past President of the Lawyers' Club of
Toronto.
Eli Dadouch, President & CEO
of the Corporation, stated, "We are pleased to announce the
appointment of The Honourable Frank Newbould as a member of the
Board. Firm Capital will benefit from his vast business experience
and sound judgment. We are proud to have him join our board. "
Stanley Goldfarb, Chairman of the
Board of the Corporation, stated, "As Chairman of the Board, we are
excited to have Mr. Newbould join the board and provide his
guidance to our Board and the Corporation."
About the Corporation
Where Mortgage Deals Get
Done®
The Corporation, through its mortgage banker, Firm Capital
Corporation, is a non-bank lender providing residential and
commercial short-term bridge and conventional real estate
financing, including construction, mezzanine and equity
investments. The Corporation has been listed on the Toronto Stock
Exchange since 1999 under the ticker symbol 'FC'. The Corporation's
investment objective is the preservation of Shareholders' equity,
while providing Shareholders with a stable stream of monthly
dividends from investments. The Corporation achieves its investment
objectives through investments in selected niche markets that are
under-serviced by large lending institutions. Lending activities to
date continue to develop a diversified mortgage portfolio,
producing a stable return to Shareholders. Full reports of the
financial results of the Corporation for the year are outlined in
the audited financial statements and the related management
discussion and analysis of Firm Capital, available on the SEDAR
website at www.sedar.com. In addition, supplemental
information is available on Firm Capital's website at
www.firmcapital.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of applicable securities laws including, among others,
statements concerning our objectives, our strategies to achieve
those objectives, our performance, our mortgage portfolio and our
dividends, as well as statements with respect to management's
beliefs, estimates, and intentions, and similar statements
concerning anticipated future events, results, circumstances,
performance or expectations that are not historical facts.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "outlook", "objective",
"may", "will", "expect", "intent", "estimate", "anticipate",
"believe", "should", "plans" or "continue" or similar expressions
suggesting future outcomes or events. Such forward-looking
statements reflect management's current beliefs and are based on
information currently available to management.
These statements are not guarantees of future performance and
are based on our estimates and assumptions that are subject to
risks and uncertainties, including those described in our Annual
Information Form under "Risk Factors" (a copy of which can be
obtained at www.sedar.com), which could cause our actual results
and performance to differ materially from the forward-looking
statements contained in this release. Those risks and
uncertainties include, among others, risks associated with mortgage
lending, dependence on the Corporation's mic manager and mortgage
banker, competition for mortgage lending, real estate values,
interest rate fluctuations, environmental matters, Shareholder
liability and the introduction of new tax rules. Material
factors or assumptions that were applied in drawing a conclusion or
making an estimate set out in the forward-looking information
include, among others, that the Corporation is able to invest in
mortgages at rates consistent with rates historically achieved;
adequate mortgage investment opportunities are presented to the
Corporation; and adequate bank indebtedness and bank loans are
available to the Corporation. Although the forward-looking
information continued in this news release is based upon what
management believes are reasonable assumptions, there can be no
assurance that actual results and performance will be consistent
with these forward-looking statements.
All forward-looking statements in this news release are
qualified by these cautionary statements. Except as required
by applicable law, the Corporation undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
Boutique
Mortgage Lenders®
SOURCE Firm Capital Mortgage Investment Corporation