Mortgage Company of Canada Inc. RE: Appointment of Independent Board Members

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TORONTO, July 25, 2014 /CNW/ - Mortgage Company of Canada Inc. ("MCOCI" or the "Company") is pleased to announce it has appointed Mr. Daniel Drimmer, Ms. Tammy Oldenburg and Mr. Glen Silvestri as independent members of the Board of Directors (the "Board") of the Company effective as of July 23, 2014.

Mr. Drimmer has over 19 years of experience in the multi-family residential and commercial real estate sectors in Canada and in the U.S..  He is currently the Chairman of the Board of True North Apartment Real Estate Investment Trust and True North Commercial Real Estate Investment Trust, and Chief Executive Officer of Starlight Investments Ltd..  Mr. Drimmer holds a Bachelor of Arts from the University of Western Ontario, and a Master of Business Administration and a Masters in Contemporary European Policy Making from European University in Geneva, Switzerland.

Ms. Oldenburg has over 17 years of experience in various financial positions with MCAN Mortgage Corporation ("MCAN"), Bank of Montreal and Ernst & Young.  She was most recently Vice President and Chief Financial Officer of MCAN from 2006 to 2013, where she was a key member of MCAN's leadership team. Ms. Oldenburg is a Chartered Professional Accountant and holds a Chartered Financial Analyst designation and a Honours Bachelor of Business Administration from Wilfrid Laurier University.

Mr. Silvestri has over 15 years of experience in the financial sector.  He is currently a partner at Imperial Capital Group Ltd., a leading Canadian middle market private equity firm.  Mr. Silvestri is a former Vice-President of Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan, where he led private equity transaction activities in the telecom, media, technology, energy and power sectors.  He currently is a member of the Board of Equity Financial Holdings, Inc. and has also acted as a director of various entities including, Maple Leaf Sports and Entertainment, CTVglobemedia, Q9 Networks, Flexera Software, Kanata Energy Group, Doane Pet Care Company and Big Brothers and Sisters of Toronto.  Mr. Silvestri is a Chartered Professional Accountant and holds a Bachelor of Arts in English Literature from the University of Western Ontario.  

Raj Babber, President and CEO of MCOCI, states, "MCOCI is very privileged to have been able to attract three such distinguished new board members.  This is an important part of our strategy to ensure that we have independent members on our Board who will each add a strong voice and fresh perspective to our business as we continue to grow and expand."

About Mortgage Company of Canada Inc.:

MCOCI is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. MCOCI's objective is to target a minimum annual yield of 9% by providing its shareholders with stable and secure monthly dividends while preserving shareholders' capital by lending within conservative risk parameters.

MCOCI is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada).

For further information on MCOCI, please visit www.mcoci.com.

SOURCE: Mortgage Company of Canada Inc.

Raj Babber, President and Chief Executive Officer, Tel: [phone] ext. 222, Email: [email protected]; Greg Goutis, Chief Financial Officer, Tel: [phone] ext. 226, Email: [email protected]