TSX Symbol FC
TORONTO, March 31, 2016 /CNW/ - Firm Capital Mortgage
Investment Corporation (the "Corporation") (TSX : FC) is pleased to
announce the appointment of The Honourable Joe Oliver, P.C. as a
new independent director.
Joe Oliver is the former Minister
of Finance, Minister of Natural Resources and Member of Parliament
for Eglinton—Lawrence.
Prior to his career in government, Joe
Oliver was a senior investment banker with Merrill Lynch,
Nesbitt Thomson and First Marathon.
He also served as the Executive Director of the Ontario Securities
Commission and later as President and CEO of the Investment Dealers
Association of Canada.
Joe Oliver graduated with a BA
and BCL from McGill University and an
MBA from the Harvard Graduate School of
Business.
Eli Dadouch, President & CEO
of the Corporation, stated, "We are pleased to announce the
appointment of Joe Oliver as a
member of the Board. Joe will bring added wisdom and experience to
the Board."
Stanley Goldfarb, Chairman of the
Board of the Corporation, stated, "As Chairman of the Board, we are
excited to have Mr. Oliver join the board and provide additional
experience."
ABOUT THE CORPORATION
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'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. The Corporation is a
Mortgage Investment Corporation (MIC) as defined in the Income Tax
Act (Canada). Accordingly, the
Corporation is not taxed on income provided that its taxable income
is paid to its shareholders in the form of dividends within 90 days
after December 31 each year. Such
dividends are generally treated by shareholders as interest income,
so that each shareholder is in the same position as if the mortgage
investments made by the company had been made directly by the
shareholder. 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
Corporation, available on the SEDAR website at www.sedar.com. In
addition, supplemental information is available on Corporation'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 distributions, 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 circular. Those risks and
uncertainties include, among others, risks associated with mortgage
lending, dependence on the Corporation's 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 new 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.
SOURCE Firm Capital Mortgage Investment Corporation