TORONTO, June 24, 2021 (GLOBE NEWSWIRE) – Firm Capital Mortgage Investment Corporation (the “Group“) (TSX: FC) hereby announces that Ryan M. Lim will join the company as Chief Financial Officer (“CFO“) Valid from August 16, 2021.
For the past four years, Ryan has been CFO of Rapport Credit Union (“report“Where he worked in finance, operations and risk management. Prior to Rapport, Ryan was Manager of Finance at TD Bank Financial Group and Ernst & Young LLP, where he was Manager in the Financial Services Assurance Group. Ryan is a CPA, CA.
Effective August 16, 2021, Sandy Poklar will step down as Interim CFO and return to his current position as EVP, Finance for the Corporation.
Eli Dadouch, Founder, President and CEO, said, “We look forward to Ryan joining Firm Capital. We will benefit tremendously from his many years of experience in the financial services lending industry. I would like to thank Sandy Poklar, who rose as part of the Senior Executive Management Team as Interim CFO and plays an integral role in the company’s business processes. “
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The company is a non-bank lender through its mortgage lender Firm Capital Corporation, providing short-term bridging and conventional real estate financing for residential and commercial real estate, including construction, mezzanine and equity investments. The company’s investment objective is to preserve shareholders’ equity while providing shareholders with a steady stream of monthly dividends from investments. The company achieves its investment objectives by investing in selected niche markets that are underserved by major credit institutions. The previous lending activities continue to develop a diversified mortgage portfolio with a stable return for shareholders. The company is a Mortgage Investment Corporation (MIC) within the meaning of the Income Tax Act (Canada). Accordingly, the Company will not be taxed on income provided its taxable income is paid to its shareholders in the form of dividends within 90 days of December 31 of each year. Such dividends are generally treated as interest income by shareholders so that each shareholder is in the same position as if the mortgage investment made by the company had been made directly by the shareholder. Full reports on the company’s financial results for the year are included in the company’s audited financial statements and related management meetings and analysis, which are available on the SEDAR website at www.sedar.com. Additional information is also available on the company’s website at www.firmcapital.com.
This press release contains forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding our goals, our strategies to achieve those goals, our performance, our mortgage portfolio and our dividends, as well as statements relating to beliefs, estimates and intentions and similar statements about anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements can generally be made through the use of forward-looking terminology such as “outlook”, “target”, “may”, “will”, “expect”, “intentionally”, “estimate”, “anticipate”, “believe”, “should” , “Plan” or “continue” or similar expressions indicative of future results or events. Such forward-looking statements reflect the current views of management 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 latest annual information form under “Risk Factors” (a copy of which is available at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements in this press release. These risks and uncertainties include, but are not limited to, risks related to the public health crisis (including COVID-19), mortgage loan, reliance on the company’s manager and mortgage lender, competition for mortgage loans, property values, interest rate fluctuations, environmental issues, shareholder liability, and the introduction of new tax regulations. Material factors or assumptions used in making any conclusions or estimates in the forward-looking information include, among other things, that the company will be able to invest in mortgages at rates consistent with historical interest rates; reasonable mortgage investment opportunities are presented to society; the company has sufficient bank debt and bank loans available; and an intangible impact resulting from the COVID-19 pandemic. Although the forward-looking information contained in this new press release is based on reasonable assumptions made by management, there can be no guarantee that actual results and performance will correspond to these forward-looking statements.
All forward-looking statements in this press release are restricted by these cautionary statements. Unless required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason.
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