MCAN Mortgage Corporation Names Karen Weaver as Interim CEO

As of October 9th, 2018, William Jandrisitis is no longer the president and CEO of MCAN Mortgage Corporation, a Toronto-based investment mortgage corporation, after 8 years. The Board of Directors at MCAN appointed Karen Weaver as the interim CEO for the time being until they decide on a permanent successor.

Weaver, a director for “The Company” since November 2011 and Chair in the Audit Committee since 2013, is a certified corporate director (“ICD.D”), licensed via the Washington State Board of Public Accountants. Her long and successful tenure in real estate, financing, public financial accounting, and corporate strategy make her an ideal solution for the interim. Ms. Weaver also has over two decades of experience as a CFO of publicly listed corporations.

A public company, MCAN is listed on the TSX (Toronto Stock Exchange) under the symbol MKP, prevalent as a reporting issuer throughout Canada, and as previously mentioned, is a mortgage investment corporation.

Their aim is to generate steady income streams via financial investments, a mortgage portfolio, loans, and real estate investments, leveraging and issuing term deposits qualified for Canada Deposit Insurance corporation deposit insurance for up to five times capital.

They source term deposits through various independent financial agents. As a investment mortgage corporation, MCAN can deducted from income for tax purposes 100% of dividends, but not for capital gains dividends – which are at a 50% deduction rate.