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About Abode Mortgage
March 05, 2010 17:50 ET
Abode Mortgage Holdings Corporation Announces Permanent Closure of Mortgage Business
VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 5, 2010) – Abode Mortgage Holding Corporation (“Abode”) (TSX VENTURE:ABD) reports that it will proceed to permanently close the business of its mortgage origination subsidiary, Abode Mortgage Corporation (“AMC”).
“It is with sincere regret that we must permanently close Abode Mortgage Corporation. In the end, pressures from the global credit disruption and corresponding actions taken by our financiers and secured creditors proved too challenging for the company,” said Chairman David Nelson.
In addition, Abode announces that the non-binding Letter of Intent announced on December 22, 2009 has not resulted in a definitive agreement for the sale of AMC to a Toronto Based financial institution. However, Abode will continue to work towards an orderly winding-up of Abode’s mortgage origination business.
The cessation of AMC operations has delayed completion of Abode’s annual financial statements and year-end audit report required by the British Columbia Securities Commission (the “BCSC”). Abode was therefore unable to file with the BCSC these continuous disclosure documents and as a result a Cease Trade Order against Abode was issued effective Thursday March 4, 2010.
Although the closing of AMC has seriously impaired Abode, the board of Abode intends to seek other opportunities that will contribute to the value of the company.
TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.