Montfort Capital Announces Move of Headquarters to Ontario to Maximize Key Market Opportunities and Business Unit Synergies
~Michael Walkinshaw to step down as CEO and President while remaining on the Board of Directors~
VANCOUVER, BC, Feb. 28, 2023 /CNW/ - Montfort Capital Corporation ("Montfort" or the "Company") (TSXV: MONT) (OTCQB: MONTF), a leading alternative lender utilizing focused strategies, experienced management teams and advanced technology, today announced plans to move its head office to Ontario to align with its growing business units, operations and senior management. As part of this strategic decision, Michael Walkinshaw, will be stepping down from his role as President and CEO while retaining his role as a member of the Board of Directors. Andrew Abouchar, the Company's CFO, has been appointed Interim CEO while the Board meets to approve and engage with an executive search firm to find a permanent CEO for Montfort in the coming months.
"I take significant pride in growing the Company from a start-up to $475M in assets over these past seven years, while maintaining excellent private credit performance," said Michael Walkinshaw. "I'd like to thank all of our employees and investors for their support over the years and look forward to supporting Montfort's next steps as it continues building its platform of success."
"With the addition of Brightpath Capital and Langhaus Financial Partners in Q3 and Q4 last year, and the acquisition of Pivot Financial in 2021, the majority of our customers and team members are now in Ontario," said Howard Atkinson, Montfort's Chairman. "As a result, it makes sense for us to take advantage of the synergies among the teams by consolidating and centralizing operations in Ontario."
"The Board would like to thank Michael Walkinshaw for his contributions to the growth of Montfort, particularly over the last two years, and express its sincere appreciation for Mike's vision and leadership over the past seven years. Mike successfully completed the diversification strategy and transformational mergers that set the stage for this new platform. The Board is sincerely grateful to Michael for his dedication, wisdom, and guidance."
Mr. Walkinshaw will assist with the transition and the Timia Capital team, led by Monique Morden, will continue to be based in Vancouver.
Montfort also announces the grant of 200,000 options to Michael Walkinshaw which are exercisable into common shares of Montfort at a price of $0.50 per common share in accordance with TSX Policy 4.4, subject to the rules of the TSX Venture Exchange and the Corporation's Equity Incentive Plan. The options will expire one year after Mr. Walkinshaw steps down from the Board of Directors.
Montfort manages a diversified group of specialized private credit brands that utilize focused strategies and experienced management teams combined with advanced technology to improve fee-related performance. Montfort facilitates transparency for all of its investors through public company reporting. For further information, please visit www.montfortcapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Montfort Capital Corp.
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