Business & Finance
Business and Finance
Business and Finance
Fri, August 19, 2011
Thu, August 18, 2011 Xceed Settlement of lawsuit with HSBC Financial Corporation Limited
TORONTO, Aug. 18, 2011 /CNW/ - Xceed Mortgage Corporation (TSX: XMC), a Canadian provider of residential mortgages, today announced that it has entered into a settlement agreement with HSBC Financial Corporation Limited and related parties ["HSBC"] which ends all outstanding litigation between the two companies.
Under the terms of the settlement agreement, without admitting any liability or wrongdoing, and solely to settle the action, Xceed has made a one-time lump sum payment of $1.7 million to HSBC. Xceed will record this amount as a charge to income (before tax) in the third quarter ended July 31, 2011.
About Xceed
Xceed Mortgage Corporation, based in Toronto, is a Canadian provider of residential mortgages that it originates in Canada. The company has approximately $1.3 billion of mortgages and other assets under administration. Xceed's shares are traded on the Toronto Stock Exchange. To find out more about Xceed Mortgage Corporation, visit our website at [ www.xceedmortgage.com ].
Forward-Looking Statements
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Specifically, there can be no assurance that the company will be successful in making new arrangements for the funding of mortgages or that further changes to Xceed's mortgage offering will not be required as a result. Actual results might differ materially due to various factors such as the competitive nature of the mortgage industry, the ability of Xceed to continue to execute its growth and development strategy, and the reliance of Xceed on key personnel. Xceed assumes no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in these. Additional information identifying risks and uncertainties is contained in Xceed's regulatory filings available on its website and at [ www.sedar.com ].
