C.A. Bancorp Canadian Realty Finance Corporation

May 18, 2010 09:28 ET

C.A. Bancorp Canadian Realty Finance Corporation Announces Senior Management Changes

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - C.A. Bancorp Canadian Realty Finance Corporation ("CRFC" or the "Corporation") (TSX:RF.PR.A)(TSX:RF.A) today announced that Mark Gardhouse, a director, its President and Chief Executive Officer, and Paolo De Luca, its Chief Financial Officer, have left the Corporation, in conjunction with their departures from C.A. Bancorp Inc., the parent company of the manager of CRFC, to pursue other opportunities.

To manage the Corporation's affairs, Paul Haggis, a director of C.A. Bancorp Inc., has been appointed to serve as the interim Chief Executive Officer. It is expected that new appointees to these positions will be announced in the near term.

Paul Haggis is currently Chairman of the Alberta Enterprise Corporation and sits on a number of other public and private boards including The Insurance Corporation of British Columbia, Advantage Energy, UBC Investment Management Trust and Canadian Tire Bank. He has held a number of senior executive positions, including CEO of OMERS, CEO of Alberta Treasury Branches (now ATB Financial) and CEO of MetLife's non insurance operations

The Corporation

CRFC is a mutual fund corporation incorporated under the laws of the Province of Ontario. It was created to obtain exposure to the investment performance of an actively managed portfolio of mortgages and secured loans in the Canadian commercial real estate sector on a tax-efficient basis.

C.A. Bancorp Inc.

C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.

This news release contains forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent the Corporation or the Manager's beliefs regarding future events. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", or "believe" similar words or the negative thereof, that certain actions, events or anticipated outcomes "may", "would" or "might" be taken, occur or be achieved. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. The future business, operations and performance of the Corporation discussed herein could differ materially from those expressed or implied by such statements. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Additional, important factors that could cause actual results to differ materially from expectations include, among other things, the ability of the Manager and the Corporation to locate suitable appointees and the timing thereof. The Corporation cautions that risk factors discussed in applicable continuous disclosure filings on SEDAR should also be considered carefully and that undue reliance not be placed on forward-looking statements as events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. The Corporation does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

C.A. Bancorp Inc.
The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 214-5985
Fax: (416) 861-8166

Contact Information

  • C.A. Bancorp Inc.
    John Driscoll
    416-861-8166 (FAX)
    C.A. Bancorp Inc.
    Helen Martin
    In-House Counsel
    416-861-8166 (FAX)