easyhome Ltd.

TSX : EH


easyhome Ltd.

January 10, 2012 18:31 ET

easyhome Ltd. Board Appoints New Directors

MISSISSAUGA, ONTARIO--(Marketwire - Jan. 10, 2012) - easyhome Ltd. (TSX:EH), Canada's largest merchandise leasing company and a growing provider of financial services, today announced the appointment of Sean Morrison and David J. Thomson to the Board of Directors and as members of the Company's Audit Committee

Mr. Morrison is the Co-Founder and a Managing Partner of Maxam Capital Corporation. Through its Maxam Opportunities Fund, the company manages a $102 million pool of capital, overseeing investments in private and public companies as well as private debt transactions. Maxam is a significant shareholder of easyhome, holding approximately 15.1% of the outstanding common shares. Prior to forming Maxam, Mr. Morrison was a partner at Capital West Partners, a Vancouver-based investment banking firm.

David Thomson is a seasoned director with more than 30 years of experience in real estate management and development. He is a former President of Great West Life Properties, where he managed a $1.2 billion real estate and mortgage portfolio. Prior to joining Great West, he was Executive Vice President of Oxford Development Group. Mr. Thomson currently serves on two other public company Boards and is a member of the audit committee of each. He is Chairman of the Toronto Dominion Bank Private Giving Foundation.

"The Board of easyhome is pleased to welcome both Sean Morrison and David Thomson," said Donald K. Johnson, Chairman of the Board of Directors. "Mr. Morrison has a strong background in raising capital that will be beneficial as easyhome continues to grow. Mr. Thomson's extensive management experience and knowledge of financial and debt markets ensures that he will be a valued advisor. Together, they bring a diverse and relevant skill set to the Board."

Commenting on the changes to the Board, David Ingram, President and CEO of easyhome, said, "I am very pleased to welcome Sean Morrison and David Thomson to the Board. I look forward to the constructive input and advice that they can offer to the Board and Management. In addition, although we do not provide earnings guidance, I can assure investors that all our business units continue to perform as expected. Our strategic priorities and objectives remain unchanged and are delivering the performance we have planned for. We also want to advise investors that the Board has confirmed the Company's dividend policy and, subject to compliance with legal requirements and performance by the Company's business, does not expect any changes in the foreseeable future to easyhome's $0.085 quarterly dividend."

About easyhome

As at December 31, 2011, easyhome Ltd. had 261 stores, including 48 franchised/licensed locations. The company also operated 85 easyfinancial kiosks within existing easyhome stores, two easyfinancial stand alone locations and one national virtual kiosk.

easyhome Ltd. is Canada's largest merchandise leasing company and the third largest in North America, offering top quality, brand-name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. In addition, the Company offers a variety of financial services, including loans, prepaid cards and cheque cashing through its easyfinancial services business. easyhome Ltd. is listed on the TSX under the symbol 'EH'.

Forward-Looking Statements

This news release includes forward-looking statements about easyhome Ltd. including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects', 'anticipates', 'intends', 'plans', 'believes' or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future financial performance (including revenue, earnings or growth rates), ongoing business strategies or prospects about future events is also a forward-looking statement. Forward- looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us, due to, but not limited to important factors such as our ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, secure new franchised locations, purchase products which appeal to our customers at a competitive rate, cope with changes in legislation, raise capital under favourable terms, manage the impact of litigation, control costs at all levels of the organization and maintain and enhance our system of internal controls. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements, which may not be appropriate for other purposes. We are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless otherwise required by law.

Contact Information

  • easyhome Ltd.
    David Ingram
    President & Chief Executive Officer
    (905) 272-2788

    easyhome Ltd.
    Donald K. Johnson
    Chairman of the Board
    (416) 359-4119