Western Pacific Trust Company
TSX VENTURE : WP

Western Pacific Trust Company

December 17, 2015 08:30 ET

Western Pacific Trust Company ("WPTC") Enters Into Arrangement With Axcess Capital Management Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 17, 2015) - Western Pacific Trust Company (TSX VENTURE:WP) announces that it intends to enter into a formal agreement with the Axcess Capital Management Ltd. ("Axcess"), pursuant to which Axcess will direct issuers of, and investors in, qualified investments to self-administered plans and TFSAs of which WPTC is trustee (the "Agreement").

Under the terms of a Letter of Intent from Axcess dated December 4, 2015, executed on behalf of WPTC on December 16, 2015, Axcess will be compensated for accounts approved and accepted by WPTC over a 24 month period, with a one-time cash payment per account, and common shares of WPTC to a maximum of a 35% shareholding of WPTC for up to 5,000 accounts, subject to all required regulatory approvals.

The arrangement is subject to the following conditions: (i) the results of the due diligence investigation of each party being satisfactory to it in all material respects; (ii) negotiations of the formal Agreement and such other agreements as may be required; (iii) approval of the Agreement by the boards of directors of WPTC and Axcess; (iv) applicable regulatory approvals; and (vi) the usual covenants by each party.

About Axcess Capital Management Ltd.

Axcess Capital Management Ltd. is a member of the Axcess Capital Group of Companies. The Axcess Capital Group is active in the management and origination of private mortgages in western Canada and is registered as an Investment Fund Manager in Alberta and as an Exempt market Dealer in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario through Axcess Capital Advisors Inc.

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 a wholly owned subsidiary, WP Equity Transfers Inc.

Alison Alfer, 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
    President and CEO
    604-683-0455
    604-669-6978 (FAX)