Xceed Settlement of lawsuit with HSBC Financial Corporation Limited
19 August 2011 - 7:17AM
PR Newswire (Canada)
TORONTO, Aug. 18, 2011 /CNW/ -- TORONTO, Aug. 18, 2011 /CNW/ -
Xceed Mortgage Corporation (TSX: XMC), a Canadian provider of
residential mortgages, today announced that it has entered into a
settlement agreement with HSBC Financial Corporation Limited and
related parties ["HSBC"] which ends all outstanding litigation
between the two companies. Under the terms of the settlement
agreement, without admitting any liability or wrongdoing, and
solely to settle the action, Xceed has made a one-time lump sum
payment of $1.7 million to HSBC. Xceed will record this
amount as a charge to income (before tax) in the third quarter
ended July 31, 2011. About Xceed Xceed Mortgage Corporation, based
in Toronto, is a Canadian provider of residential mortgages that it
originates in Canada. The company has approximately $1.3
billion of mortgages and other assets under administration.
Xceed's shares are traded on the Toronto Stock Exchange. To
find out more about Xceed Mortgage Corporation, visit our website
at www.xceedmortgage.com. Forward-Looking Statements
Forward-looking statements in this document are based on current
expectations that are subject to significant risks and
uncertainties. Specifically, there can be no assurance that
the company will be successful in making new arrangements for the
funding of mortgages or that further changes to Xceed's mortgage
offering will not be required as a result. Actual results
might differ materially due to various factors such as the
competitive nature of the mortgage industry, the ability of Xceed
to continue to execute its growth and development strategy, and the
reliance of Xceed on key personnel. Xceed assumes no
obligation to update these forward-looking statements, or to update
the reasons why actual results could differ from those reflected in
these. Additional information identifying risks and
uncertainties is contained in Xceed's regulatory filings available
on its website and at www.sedar.com. To view this news release in
HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/18/c4812.html
p /p table valign="top" border="0" tr td br/ Telephone:br/ Email:
/td td /td td /td td /td td
/td td Michael Jonesbr/ 416-364-7944 Ext 3434br/ a
href="mailto:MJones@XceedMortgage.com"MJones@Xceed/aa
href="mailto:MJones@XceedMortgage.com"M/aa
href="mailto:MJones@XceedMortgage.com"ortgage.com/a /td /tr /table
p /p
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