TORONTO, April 1,
2022 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN
Financial Group ("MCAN" or the "Company") (TSX: MKP), a leading
Canadian real estate investment firm, today unveiled a new brand
identity and announced that it will now be doing business as MCAN
Financial Group. The trade name change reflects the strategic
vision of the executive leadership team and Board of Directors, and
is not a legal name change.
"This is a milestone moment in the evolution of MCAN, a company
with more than 30 years of experience delivering value to
shareholders, partners, and clients," said Karen Weaver, President and CEO. "This rebrand
not only reflects the scope and breadth of all that we do, it also
represents a new phase for our Company - one defined by continued
focus on growth, fueled by ingenuity, backed by real estate
expertise and manifested by collaborative, fulfilling partnerships
both internally and externally."
MCAN, a federally regulated mortgage investment corporation
since 1991, offers investment opportunities across many types of
Canadian real estate, primarily focused on residential development
and home ownership, by leveraging its real estate expertise. MCAN's
lines of business include MCAN Home, MCAN Capital and MCAN
Wealth.
- MCAN Home is a single-family residential mortgage lender that
partners exclusively with accredited mortgage professionals to
offer both insured and uninsured mortgage solutions across
Canada. This line of business
operates through MCAN's wholly owned subsidiary, XMC Mortgage
Corporation, which has legally changed its name to MCAN Home
Mortgage Corporation.
- MCAN Capital is the business channel through which the Company
focuses on unique financing and investment opportunities in the
construction and commercial markets, REIT investing and private
investment funds focused on lending to and developing Canadian
communities, as well as through its 13.94% equity interest in MCAP,
a privately-owned limited partnership and Canada's largest mortgage financing
company.
- MCAN Wealth offers investors Canada Deposit Insurance
Corporation ("CDIC") insured investment solutions.
MCAN Financial Group recently reported total assets of
$3.8 billion at December 31, 2021, an increase of 40% from
December 31, 2020 and an increase of
78% from December 31, 2018. This
level of growth has been achieved across all asset classes. MCAN
also reported total shareholder return CAGR (Compound Annual Growth
Rate) of 14% over the past five years.
"In 2021, we achieved our best results not only financially, but
also from a cultural perspective, growing as a team dedicated to
diversity and excellence," said Weaver.
MCAN Financial Group recently earned certification as a Great
Place to Work®, in addition to recognition for service
and product innovation in its MCAN Home business channel.
MCAN has also been placed on the ROB Magazine Women Lead Here
benchmark list for gender diversity in corporate Canada for the last three years.
"We're a diverse team with many unique stories. Our culture has
never been stronger, and our team has never functioned better,"
said Weaver. "That level of experience and efficiency helps us
approach every deal with the goal of mutual success. We value the
trust our partners place in us to help build the right solution for
their clients whether they are home owners, residential builders,
or investors in our company who are seeking their opportunity to
invest in their own slice of the Canadian real estate market. We
look forward to reporting on our further successes as we continue
to build the business."
Operational news included in this rebranding announcement:
- MCAN's wholly owned subsidiary, XMC Mortgage Corporation, has
legally changed its name to, and rebranded as, MCAN Home Mortgage
Corporation and will be led by MCAN Financial Group's Senior Vice
President and Chief Operating Officer Avish Buck.
- MCAN Capital, which invests in construction and commercial
loans, REITs, and private investment funds and companies focused on
lending to and developing Canadian communities, is led by
Carl Brown, Senior Vice President,
Investments and Corporate Development.
- MCAN Wealth, which offers investors CDIC insured investment
solutions, is led by Floriana
Cipollone, Senior Vice President and Chief Financial
Officer.
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. Statements
relating to the impact of the rebranding on the Company constitutes
forward‐looking information. The forward‐looking information
contained in this news release is based on a number of assumptions
which we believe to be reasonable, including assumptions relating
to the expected impact of the rebranding. 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. Risks that could cause
actual results to differ materially from those expressed or implied
in the forward‐looking information contained in this press release
include, among others, general risks relating to capital markets,
economic conditions, regulatory changes and the risk factors set
out in the Company's most recent Annual Information Form dated
February 22, 2022, and as described
from time to time in the reports and disclosure documents filed by
the Company with Canadian securities regulatory agencies and
commissions. Forward‐looking information is not a guarantee of
future performance, and management's assumptions upon which such
forward‐looking information are 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