MCAN Financial Group Announces CFO Transition

TORONTO, April 24, 2024 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN" or the "Company") (TSX: "MKP") today announced that Floriana Cipollone, Senior Vice President & Chief Financial Officer will be leaving the Company effective immediately to pursue other opportunities.

"On behalf of the Board of Directors, I would like to thank Floriana for her years of dedication and many contributions to the Company and wish her continued success in her future endeavors," said Don Coulter, President & Chief Executive Officer.

The Company has an executive search process underway to assess potential internal and external candidates and expects to fill the permanent position of Senior Vice President & Chief Financial Officer in the coming months.

In the interim, Peter Ryan has been appointed as Interim Chief Financial Officer.  Mr. Ryan is a seasoned senior executive with over 15 years of financial and industry experience including over four years with the Company, serving as Director, Financial Reporting and Accounting and most recently as Vice President and Controller.

MCAN Mortgage Corporation d/b/a MCAN Financial Group is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories in Canada.  MCAN also qualifies as a Mortgage Investment Corporation ("MIC") under the Income Tax Act (Canada).  MCAN is the largest MIC in Canada and the only federally regulated MIC.

MCAN's primary objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction and commercial loans, as well as other types of securities, loans, and real estate investments.  MCAN employs leverage by issuing term deposits that are eligible for Canada Deposit Insurance Corporation deposit insurance.  MCAN is Investing in Communities and Homes for Canadians.

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.  Forward-looking information contained in this news release includes statements relating to MCAN's expected timeline on appointing a permanent Chief Financial Officer. 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, including, but not limited to, risks as discussed under "Risk Factors" in the Company's most recent annual information form available under the Company's profile on SEDAR+ at www.sedarplus.ca.  In addition, general risks relating to capital markets, economic conditions, regulatory changes, as well as the operations of MCAN's business may also cause actual results to differ materially from those expressed or implied in such forward?looking information.  Forward?looking information is not a guarantee of future performance, and management's assumptions upon which such forward?looking information is 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