Equity Financial Holdings President & CEO, Paul G. Smith said,
"The sale of our transfer agent and corporate trust services business is important for us as it positions us to focus exclusively on our growing mortgage and deposit-taking business, thereby clarifying our strategic direction and value proposition to our investors. Management believes the most attractive opportunities are available to us under our mortgage and deposit-taking business and realizing on the inherent value of our transfer agent and corporate trust business allows us to allocate our resources accordingly."
Equity Financial Trust CEO, Nick Kyprianou said,
"We started the year by originating $39,531 of new mortgage loans during the first quarter and ended with mortgage loans outstanding of $226,876. We remain confident in our expectation that compared to the balance at the end of 2012 our mortgage portfolio will be approximately double in size by the end of 2013."
Interim Consolidated Financial Statements and Management's Discussion and Analysis for the first quarter and fiscal period ended March 31, 2013 can be found on SEDAR at www.sedar.com and on Equity's website at www.equityfinancialholdings.com.
Analyst Conference Call
Equity will hold a conference call on May 15, 2013 at 9 AM Eastern Time to discuss its operating results and to answer questions. Participants can dial (416-340-2216) or toll free (866-226-1792).
About Equity Financial Holdings Inc.
Equity is a Canadian financial services company serving the alternative retail mortgage market through its federally regulated and wholly-owned subsidiary, Equity Financial Trust Company. Learn more at www.equityfinancialholdings.com.
Certain portions of this press release as well as other public statements by Equity Financial Holdings Inc. (the "Corporation") contain "forward-looking information" within the meaning of applicable Canadian securities legislation, which is also referred to as "forward-looking statements", which may not be based on historical fact. Wherever possible, words such as "will", "plans", "expects", "targets", continue", "estimates", "scheduled", "anticipates", "believes", "intends", "may", "could", "would", "might" or "will" be taken, statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, o ccur or be achieved, have been used to identify forward-looking information. Such forward-looking statements include, without limitation, operations and financial results, and otherwise with respect to the Corporation's business, operations and policies, including the Corporation's new strategic focus of operating as a mortgage provider and deposit-taking institution, the Corporation's earnings expectations, fee income, expense levels, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets activities, the Corporation's expected need for equity or debt financing, business competition, technological change, changes in government regulations and regulatory guidelines, unexpected judicial or regulatory proceedings, catastrophic events, and the Corporation's ability to complete strategic transactions and integrate acquisitions and other factors.
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