Press release from GlobeNewswire (a Nasdaq OMX company)
Atrium Mortgage Investment Corporation is Not Affected by Recently-Announced Changes to Securities Regulations
Tuesday, September 24, 2013
Atrium Mortgage Investment Corporation is Not Affected by Recently-Announced Changes to Securities Regulations05:00 EDT Tuesday, September 24, 2013
TORONTO, Sept. 24, 2013 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) is not affected by recently-announced changes to Canadian securities regulations.
The Canadian Securities Administrators reviewed mortgage investment corporations in Canada and concluded that certain mortgage investment corporations should not be characterized as investment funds under applicable Canadian securities laws due to the nature of their investment activities. Atrium has always been a regular reporting issuer, and not an investment fund, under applicable Canadian securities laws and, as such, is already in compliance with those new requirements. Although certain competitors of Atrium may be required to reorganize as a result, no action is required by Atrium.
Furthermore, the Canadian Securities Administrators have recently published proposed regulatory changes that would prevent any investment fund from investing in mortgages other than mortgages that are fully and unconditionally guaranteed by the government of Canada, the government of a province or territory of Canada or by an agency of such government, among other things. As Atrium is not an investment fund, those proposed regulatory changes will not apply to Atrium.
As a mortgage investment corporation, Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters.
CONTACT: For further information, please contact Atrium Mortgage Investment Corporation Robert G. Goodall President and Chief Executive Officer Atrium Mortgage Investment Corporation Jeffrey D. Sherman Chief Financial Officer (416) 607-4200 email@example.com www.atriummic.com