SOURCE: Melcor Developments Ltd.

Melcor Developments Ltd.

June 23, 2016 18:00 ET

Melcor Announces Resignation of Chief Financial Officer

EDMONTON, AB--(Marketwired - June 23, 2016) - Melcor Developments Ltd. (TSX: MRD), an Alberta-based real estate development and asset management company, announced today that its Chief Financial Officer, Jonathan Chia, has resigned effective August 25, 2016. Mr. Chia has accepted an executive position with a private company. Melcor will appoint Naomi Stefura as Interim CFO.

"We deeply appreciate Jon's contribution to Melcor over the past five years," said Brian Baker, Melcor's President and Chief Executive Officer. "Jon has put together a solid financial team, driven improvements in our reporting and played an instrumental role in the launch of the REIT. While we are sad to see him go, we do wish him continued success."

Baker continued: "Naomi has worked closely with Jon over the past five years and is in a good position to seamlessly transition to the Interim CFO role."

About Melcor Developments Ltd.

Melcor is a diversified real estate development and asset management company that transforms real estate from raw land through to high-quality finished product in both residential and commercial built form. Melcor develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centres and golf courses. Melcor owns a well-diversified portfolio of assets in Alberta, Saskatchewan, British Columbia, Arizona, Colorado and Texas.

Melcor has been focused on real estate since 1923. The company has built over 100 communities across Western Canada and today manages over 3.84 million sf in commercial real estate assets and 781 residential rental units. Melcor is committed to building communities that enrich quality of life -- communities where people live, work, shop and play.

Melcor's headquarters are located in Edmonton, Alberta, with regional offices throughout Alberta and in British Columbia and Phoenix, Arizona. Melcor has been a public company since 1968 and trades on the Toronto Stock Exchange (TSX: MRD).

Forward Looking Statements
Certain information set forth in this news release, may contain forward-looking statements, and necessarily involve risks and uncertainties, certain of which are beyond Melcor's control. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Melcor will derive therefrom. Additional information on these and other factors that could affect Melcor are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as of the date of this news release, and Melcor does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.

Contact Information

  • Contact Information:
    Business Contact
    Brian Baker
    Chief Executive Officer
    Tel: 780.423.6931

    Investor Relations
    Naomi Stefura, CA
    Vice President, Finance
    Tel: 1.855.673.6931
    ir@melcor.ca