Builders Capital Mortgage Corp. Announces CFO and Board Resignations, Appointment of Interim CFO
Calgary, Alberta--(Newsfile Corp. - September 6, 2023) - Builders Capital Mortgage Corp. (TSXV: BCF) (the "Company") announced today that John Strangway has resigned as Chief Financial Officer and a director of the Company effective immediately. Mr. Strangway, who has resigned to pursue other interests and whose resignation is not the result of any dispute or disagreement with the Company on any matter relating to Builders Capital's operations, policies or practices, has served in these positions since the Company's IPO and was instrumental in the stewardship of investors' funds since the launch of the Company in 2013.
Builders Capital is also pleased to announce the appointment of Mr. Michael Matishak to the position of Interim CFO. Mr. Matishak is a senior Chartered Professional Accountant with extensive expertise directing the financial activities of private and publicly traded entities in diverse sectors including clean tech, resources, mining, manufacturing, finance, technology, and transportation. In particular, his experience with a mortgage corporation has made him a particularly strong candidate. His duties with the Company will commence immediately.
Sandy Loutitt, President and CEO said, "We thank John for his service to Builders Capital Mortgage Corp. and wish him every success in his future endeavours. We also look forward to working with Mr. Matishak and are confident his skills will fit well with the operations of Builders Capital."
About Builders Capital
Builders Capital is a mortgage lender providing short-term course-of-construction financing to builders of residential, wood-frame properties in Western Canada. The Company commenced active operations on December 12, 2013 on the closing of its initial public offering, whereupon it acquired a portfolio of mortgages from two predecessor companies.
Builders Capital's investment objective is to generate attractive returns, relative to risk, in order to provide stable and consistent distributions to shareholders while remaining focused on capital preservation and satisfying the criteria mandated for mortgage investment corporations ("MIC") as defined in the Income Tax Act.
As an MIC, Builders Capital is not subject to income tax provided that it distributes all of its taxable income as dividends to shareholders within 90 days of its December 31st year-end. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same tax position as if their proportionate share of mortgage investments made by the company had been made directly by the shareholder.
For further information, please contact:
Sandy Loutitt, Chief Executive Officer
Telephone: (403) 685-9888
Builders Capital Mortgage Corp.
Suite 260, 1414 - 8th Street SW
Calgary, Alberta T2R 1J6
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