Mortgage Brokers City Inc.

May 16, 2011 11:26 ET

Trademark Expungement Application Resumes Against Mortgagebrokers.com Holdings Inc.

OTTAWA, ONTARIO--(Marketwire - May 16, 2011) - After months of making efforts to settle the outstanding disputes between Mortgage Brokers City Inc. and Mortgagebrokers.com Inc. and others, Mike Hapke, the President and CEO of Mortgage Brokers City Inc., announced today that it has resumed its trademark expungement application before the Federal Court of Canada against Mortgagebrokers.com Holdings, Inc.

This trademark expungement application (Federal Court File No.T-182-10), regarding the Canadian trademark registration MORTGAGEBROKERS.COM & Design, asks the Federal Court to remove this registration from the Canadian Trade-marks Register.

This trademark expungement application was originally filed by Mortgage Brokers City Inc. in February, 2010 after Mortgagebrokers.com Inc. and related companies used the MORTGAGEBROKERS.COM & Design trademark registration as part of their lawsuit in the Ontario Superior Court to, among other things, attempt to prevent Mortgage Brokers City Inc. and others from using a list of domain names that include the terms "mortgage" or "Mortgage broker(s)" and the name of a city or other location, in various combinations.

The Ontario lawsuit brought by Mortgagebrokers.com Inc., and related companies, against Mortgage Brokers City Inc., and others, arose after approximately 40 mortgage agents in the Ottawa area resigned from their relationship with MortgageBrokers.com Financial Group of Companies Inc., which is a company related to Mortgagebrokers.com Inc.

Mike Hapke explained that:

"The terms „mortgage brokers,Γǃ „mortgageΓǃ and „brokerΓǃ are terms that we in the Mortgage Broker industry commonly use, for practical reasons, and for regulatory reasons under the laws of Ontario. These terms have been used for decades in Canada. We think that it was unfortunate that Mortgagebrokers.com Holdings, Inc.Γǃs trademark application was registered, as it is our considered opinion that this registration was made in error, and we are confident that this trademark registration will be expunged by the Federal Court in due course."

"While it is my company‟s practice to resolve disputes amicably whenever possible, we made overtures for months to Alex Haditaghi, CEO and Chairman of Mortgagebrokers.com Inc., to meet with us to settle the outstanding disputes between our respective companies. Unfortunately he would not schedule any time to meet with us, so we had no option but to go forward with our expungement application before the Federal Court."

"It is our hope that this trademark expungement will benefit the entire Mortgage Broker industry in
Canada."

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