Western Pacific Trust Company: Update
25 Novembre 2009 - 12:07AM
Marketwired
WESTERN PACIFIC TRUST COMPANY (TSX VENTURE: WP) ("the Company") is
pleased to announce that it has now completed the steps taken to
recapitalize the Company and commence the full implementation of
its business plan during the last quarter of 2009 and the first
quarter of 2010.
Together with the private placement completed July 2008,
subsequent private share transactions have increased the holdings
of certain shareholders including owning, directly or indirectly,
10% or more of the 20,148,558 issued voting shares of the Company.
To the best knowledge of the Company, all those owning 10% or more
of the issued shares are listed below:
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No. of Shares Owned or Percentage of
Controlled or Directed Outstanding
Name Directly or Indirectly Shares
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Harvest Valley Services Ltd. 2,500,000 12.41
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Rafta Management Ltd. 2,500,000 12.41
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Rimex Distribution Ltd. 3,863,887 19.17
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David M. Mercier 4,002,352 19.86
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In addition, there are now more shareholders owning, directly or
indirectly, more than 5% of the issued shares of the Company.
The reduction of capital and elimination of deficit approved by
the Company shareholders at the May 8, 2009 Annual and Special
General Meeting was reflected in the interim financial statements
for the second quarter ended June 30, 2009. The interim financial
statements of the Company for the nine months ended September 30,
2009, and accompanying Management Discussion & Analysis will be
released on Friday, November 27, 2009 (www.sedar.com).
In the coming weeks, wholly owned Western Equity Loans Ltd, a
registered mortgage broker in British Columbia, intends to
reactivate its mortgage business with selected syndicated mortgages
and the introduction of a mortgage investment fund. WELL will focus
on investor funding of loans for commercial and multiple family
development and construction projects.
The decision taken by the Company in April 2009 to discontinue
the mutual fund dealership in its wholly owned subsidiary
Futureworth Financial Planners Corp. commenced a lengthy process
which culminated with the Mutual Fund Dealers Association of
Canada's formal acceptance of Futureworth's resignation effective
November 11, 2009. Going forward, Futureworth intends to provide
financial services by working cooperatively with independent
financial specialist professionals in the financial planning and
services arena to provide comprehensive solutions for the complex
personal and corporate issues of its clients.
About Western Pacific Trust Company
Western Pacific Trust Company is a non-deposit taking financial
corporation. Western Pacific is licensed under the Financial
Institutions Act in British Columbia as a Trust Company, and is
also registered extra-provincially in Alberta as a non-deposit
taking Trust Company. Western Pacific Trust has two wholly owned
subsidiaries: Western Equity Loans Ltd., a registered mortgage
broker in British Columbia, and Futureworth Financial Planners
Corp., a retail financial service company offering investment
related products and services on an independent basis.
Anthony Liscio, President & CEO
This news release was prepared by the Board of Directors which
is solely responsible for its contents.
The TSX Venture Exchange has neither approved nor disapproved
the information contained herein.
Contacts: Western Pacific Trust Company Alison Alfer
604-683-0455 604-669-6978 (FAX)
Western Pacific (TSXV:WP)
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