Xceed Mortgage to Webcast Annual General Meeting on March 1 at 9 a.m. (Eastern)28 February 2006
Xceed Mortgage Corporation (TSX: XMC), a rapidly growing non-traditional mortgage lender, will webcast its Annual General Meeting scheduled for 9 a.m. (Eastern) on Wednesday, March 1, 2006.
The meeting will include an address to shareholders by Ivan Wahl, Chairman and Chief Executive Officer, concerning Xceed's mortgage lending operations and the company's excellent opportunities for growth in the future.
A live audio webcast of the proceedings along with a PowerPoint presentation for Mr. Wahl's address will be available at www.newswire.ca and www.xceedmortgage.com.
Xceed has created significant shareholder value since the current management team led by Mr. Wahl assumed control of the company in 2002. Mortgages under administration have grown at an average annual rate of 93 percent during the past four fiscal years.
In its annual report for the fiscal year ended October 31, 2005, Xceed reported a 25.5 percent return on equity and an increase of 95 percent to $20.3 million in net earnings. Per-share earnings jumped to $0.72 from $0.46 in fiscal 2004.
About Xceed
Xceed is one of a new breed of rapidly growing alternative residential mortgage lenders in Canada. Xceed helps Canadians fulfill their aspirations of home ownership. Its borrowers range from those who have solid credit and income histories but have not managed to save a down payment, to those who have gone through periods with limited and specific credit difficulties but have since recovered and repaired their credit. A growing proportion of Xceed's applicants are renters, self-employed entrepreneurs, and recent immigrants to Canada, who may otherwise not conform to major banks' electronic credit-scoring criteria.
By meeting the needs of Canadians for alternative financing, Xceed Mortgage Corporation has rapidly grown to become one of the largest non- traditional residential mortgage financing companies in Canada, operating in a market that is estimated to have a potential size of approximately $60 billion. Established in 1997, Xceed completed an initial public offering of common shares in June 2004. Its shares are traded on the Toronto Stock Exchange. To find out more about Xceed Mortgage Corporation (TSX: XMC), visit our website at www.xceedmortgage.com.
%SEDAR: 00020677E
For further information: Investor and Media Relations: Richard Wertheim or Wayne Cheveldayoff, Wertheim + Company Inc., (416) 594-1600, wertheim@wertheim.ca
Source: newswire
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