Real Estate — November 19, 2012C.A. Bancorp Inc. Announces Management Changes
TORONTO, ONTARIO--(Marketwire - Nov. 19, 2012) - C.A. Bancorp Inc. ("C.A. Bancorp" or the "Company") (TSX:BKP) announced today the following management changes in furtherance of the Company's Realization Strategy, effective immediately.
The management changes are as follows:
- Steven Sharpe, a director of the Company, has been appointed the Company's new Chief Executive Officer. Mr. Sharpe will remain a director of the Company.
- The Company has entered into an administrative services agreement with Polar Capital Management Inc. ("Polar"), whereby Polar will provide the Company with investment management, financial and administrative services until the completion of the Realization Strategy. Kurt Brands, former Chief Executive Officer of the Company, has been appointed as the Company's Chief Financial Officer, and has moved to Polar which will provide the services of Mr. Brands to the Company consistent with past practice.
As previously disclosed, the Company is, on a continuous basis, (i) working to identify and implement alternatives to reduce its operating costs by streamlining operations and reducing corporate overheads; (ii) exploring opportunities to maximize efficient use of its management resources; and (iii) where consistent with the other criteria, preserving continuity of the management resources used to carry out the Realization Strategy.
The Company's board of directors believes that today's management changes are consistent with the criteria outlined above and position the Company well to complete the Realization Strategy and to maximize the value of the remaining assets for the benefit of the Company's shareholders.
C.A. Bancorp Inc.
C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp has historically focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors. The Company is currently executing its Realization Strategy.
Caution Regarding Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will provide to be correct. These forward- looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors published in the Company's most recent management discussion and analysis available at www.sedar.com.
|C.A. Bancorp Inc.|
|401 Bay Street, Suite 1600|
|Toronto, Ontario M5H 2Y4|
|Telephone: (416) 214-5985|
|Fax: (416) 861-8166|
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