MCAN Mortgage Corporation - Press Release

Stock Market SymbolTSX: MKP

TORONTO, Feb. 16 /CNW/ - MCAN Mortgage Corporation ("MCAN" or the "Company") announced today that Blaine Welch has informed the Board of his decision to resign as President and Chief Executive Officer and as director of the Company, for personal reasons, effective February 26, 2010.

Mr. Welch has been an officer of the Company and its predecessor entities since 1986. He was appointed Vice President and Chief Risk Officer in 1992 and held that position until April, 2004 when he was appointed President and CEO. In accepting Mr. Welch's resignation, the Board formally acknowledged his 23 years of service to the Company and its predecessors and thanked him specifically for his stewardship as CEO over the past 6 years.

The Board has established a search committee to assess potential candidates to assume the position of President and CEO. In the interim, the Board has appointed Ian Sutherland, the current Chair of the Board, as Interim CEO to direct the Company pending identification and appointment of a permanent President and CEO. Mr. Sutherland is a chartered accountant and chartered financial analyst. He has been a director of the Company since 1991 and has been Chair of the Board since 2006.

David Broadhurst has been appointed to replace Ian, on an interim basis, as Chair of the Board. Mr. Broadhurst has been a director of MCAN since 1997 and is currently Chair of the Audit Committee.

To ensure a smooth transition, Mr. Welch has agreed to assist the Company in an advisory capacity during the transition period.

For further information: MCAN Mortgage Corporation, Website: www.mcanmortgage.com, e-mail: [email protected], Ian Sutherland, Chair of the Board, [phone]