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Toronto, Canada – February 22, 2016 – Mortgage Company of Canada Inc. (“MCOCI” or the “Company”) announces changes to the Company’s Board of Directors. Mr. Glen Silvestri resigned from the Board effective February 1, 2016 due to commitments related to his job as a Partner at Imperial Capital.
Raj Babber, President and CEO of Mortgage Company of Canada, commented, “I would like to thank Glen for his dedication and sound advice as a MCOCI Board member.”
The Company is pleased to announce the appointment of James Garcelon to the Board of Directors effective February 1, 2016.
Mr. Garcelon has over 20 years of capital markets experience. He is currently a portfolio manager at Shaunessy Investment Counsel Inc., a boutique investment manager with $245 million in assets under management. Mr. Garcelon is a former co-founder and principal of Grove Capital Group Ltd., a private merchant bank focused on investing in and incubating small capitalization companies. He has also held senior roles at National Bank Financial and HSBC Securities (Canada) Inc. Mr. Garcelon is a Chartered Financial Analyst and holds a Master of Science in International Political Economy from the London School of Economics and Political Science and a Honours Bachelor of Arts in Business Administration from the Richard Ivey School of Business at the University of Western Ontario.
“I am looking forward to having James join the Board. His experience both with public and private companies in operations, risk management and capital raising will be an invaluable asset to the Company,” stated Raj Babber.
About Mortgage Company of Canada Inc.:
MCOCI is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. The Company has experienced tremendous growth over 2015 increasing its mortgage portfolio by 35% to approximately $47 million. MCOCI’s objective is to target a minimum annual yield of 9% by providing its shareholders with stable and secure monthly dividends while preserving shareholders’ capital by lending within conservative risk parameters.
MCOCI is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada).
For further information on MCOCI, please visit www.www.mcoci.com.
For further information, please contact:
President and Chief Executive Officer
(866) 318-7222 ext. 222
Chief Financial Officer
(866) 318-7222 ext. 231