Western Pacific Trust Company
TSX VENTURE : WP

Western Pacific Trust Company

November 24, 2009 18:07 ET

Western Pacific Trust Company: Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2009) - WESTERN PACIFIC TRUST COMPANY (TSX VENTURE:WP) ["the Company"] is pleased to announce that it has now completed the steps taken to recapitalize the Company and commence the full implementation of its business plan during the last quarter of 2009 and the first quarter of 2010.

Together with the private placement completed July 2008, subsequent private share transactions have increased the holdings of certain shareholders including owning, directly or indirectly, 10% or more of the 20,148,558 issued voting shares of the Company. To the best knowledge of the Company, all those owning 10% or more of the issued shares are listed below:


Name
No. of Shares
Owned or Controlled or Directed
Directly or Indirectly
Percentage of Outstanding
Shares
Harvest Valley Services Ltd.2,500,00012.41
Rafta Management Ltd.2,500,00012.41
Rimex Distribution Ltd.3,863,88719.17
David M. Mercier4,002,35219.86

In addition, there are now more shareholders owning, directly or indirectly, more than 5% of the issued shares of the Company.

The reduction of capital and elimination of deficit approved by the Company shareholders at the May 8, 2009 Annual and Special General Meeting was reflected in the interim financial statements for the second quarter ended June 30, 2009. The interim financial statements of the Company for the nine months ended September 30, 2009, and accompanying Management Discussion & Analysis will be released on Friday, November 27, 2009 (www.sedar.com).

In the coming weeks, wholly owned Western Equity Loans Ltd, a registered mortgage broker in British Columbia, intends to reactivate its mortgage business with selected syndicated mortgages and the introduction of a mortgage investment fund. WELL will focus on investor funding of loans for commercial and multiple family development and construction projects.

The decision taken by the Company in April 2009 to discontinue the mutual fund dealership in its wholly owned subsidiary Futureworth Financial Planners Corp. commenced a lengthy process which culminated with the Mutual Fund Dealers Association of Canada's formal acceptance of Futureworth's resignation effective November 11, 2009. Going forward, Futureworth intends to provide financial services by working cooperatively with independent financial specialist professionals in the financial planning and services arena to provide comprehensive solutions for the complex personal and corporate issues of its clients.

About Western Pacific Trust Company
Western Pacific Trust Company is a non-deposit taking financial corporation. Western Pacific is licensed under the Financial Institutions Act in British Columbia as a Trust Company, and is also registered extra-provincially in Alberta as a non-deposit taking Trust Company. Western Pacific Trust has two wholly owned subsidiaries: Western Equity Loans Ltd., a registered mortgage broker in British Columbia, and Futureworth Financial Planners Corp., a retail financial service company offering investment related products and services on an independent basis.

Anthony Liscio
President & CEO

This news release was prepared by the Board of Directors which is solely responsible for its contents.

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • Western Pacific Trust Company
    Alison Alfer
    604-683-0455
    604-669-6978 (FAX)