CORRECTION -- Westboro Mortgage Investment Fund

OTTAWA, July 05, 2023 (GLOBE NEWSWIRE) -- In a release issued earlier today by Westboro Mortgage Investment Fund, please note that in the headline and second sentence of the first paragraph, the annualized return should read "9.12%" instead of "9.01%" as previously stated. The corrected release follows:

Westboro Mortgage Investment Fund Increases its Compounded Annualized Monthly Distribution to Investors to 9.12%

Effective June 1, 2023, Westboro Mortgage Investment Fund has increased the monthly distribution per eligible Class F unit from $0.070/Unit (70 bps) to $0.073/Unit (73 bps). This increase provides for a non-compounded annualized return of 8.76%, or if the investor opted to reinvest distributions (DRIP), a compounded annualized return of 9.12%. The impressive performance of the Westboro Mortgage Investment Fund is a direct result of our long-standing and strong broker-client relationships; client-centric team culture; best-in-class conservative underwriting practices; and an increasing interest rate environment.

"We currently observe a healthy and robust alternative mortgage market. The prolonged increased interest rate environment has resulted in an influx of highly qualified borrowers who do not meet the stringent and inflexible requirements imposed by traditional lenders due to governmental regulations. Simply put, highly qualified borrowers are no longer able to meet the stress test requirements required of the typical bank mortgage lenders. Borrowers are increasingly looking for alternatives. Our mortgage fund is open for new investor capital. We see this as an excellent opportunity for qualified investors to increase their investment portfolio yield," said Nick Christopoulos, CEO of Westboro Mortgage Investment Fund.

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/

Please contact Scott Roberts, VP of Fund Sales at [email protected].

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.