Westboro Mortgage Investment Fund Announces Results for April 2023

TORONTO, May 12, 2023 (GLOBE NEWSWIRE) -- On April 28, 2023, the Westboro Mortgage Investment Fund ("the Fund") declared a distribution for Class F unitholders 70.0 bps per $10 unit: an annualized compounded return of 8.73%. This payment constituted the Fund's monthly distribution for the month of April 2023; the 7^th consecutive month the fund has paid 70.0 bps to Class F unitholders.

Now in its 19^th year of operation, The Westboro Mortgage Investment Corporation, along with the more recently incepted Fund continue to deliver reliable and predictable monthly distributions to investors.

"The higher interest rate environment that we find ourselves in allows us to re-price expiring mortgages originated in 2022 when the rates were significantly lower. We are seeing higher quality borrowers who are borrowing at elevated interest rates. The result is an increased return to investors without any significant corresponding increase in risk." Said Nick Christopoulos, the CEO of Westboro Mortgage Ltd.

The Fund remains open to new investment from accredited investors. Please contact Scott Roberts, VP of Fund Sales at [email protected].

About Westboro Mortgage Investment Fund

The Fund manages a diversified portfolio of residential mortgages, primarily in 1^st position, located in Ontario. The primary objective of the fund is to provide investors with a consistent and stable return for their investment portfolio. https://westboromic.com/fund-performance/

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, our objectives, our strategies to achieve those objectives, our performance, our mortgage portfolio and our distributions, as well as statements with respect to management's beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by using forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs 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 Offering Memorandum under "Risk Factors" (a copy of which can be obtained at https://westboromic.com/fund-performance/).

Those risks and uncertainties include, among others, risks associated with public health crisis; liquidity and price fluctuation of our common shares; dependence on the Fund manager and the mortgage banker; potential conflicts of interest; dilution; no guaranteed return; credit risk; interest rate risk; environmental matters associated with our business; availability of investments; reliance on the directors; borrowing; limited sources of borrowing; risks related to the renewal of mortgages comprising our investment portfolio; risks related to the composition of our investment portfolio; subordinated and subsequent debt financing; investment risk for land mortgage investments; reliance on borrowers; litigation risks; ability to manage growth; change in legislation; cyber risk; our convertible debentures; and qualification as a mortgage investment fund. Readers are cautioned that the foregoing list is not exhaustive. Although the forward-looking information continued in this new release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.

All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.