Findev Inc. Announces AGM Results
Toronto, Ontario (FSCwire) - Findev Inc. (“Findev” or the “Corporation”) (TSX-V: FDI), earlier today held its Annual General Meeting (“AGM”) of Shareholders of the Corporation in Toronto.
The Corporation is pleased to announce that its shareholders has affirmed their desire to have the current directors remain and continue to head the revised path which the Corporation under took a year ago.
The results of the Shareholders’ voting was as follows:
- 99.96% of the votes cast voted in favour of re-appointing PricewaterhouseCopper LLP as the Corporation’s external auditors;
- each Devon Cranson, Niall Finnegan, Anthony Heller, David Roff, Brice Scheshuk and Sruli Weinreb received more than 99.97% of the votes cast to be re-elected as director to serve until the next AGM or upon their resignation; and
- 98.13% the votes cast were in favour of the re-approval of the Corporation’s incentive Stock Option Plan.
Of 28,647,441 common shares issued and outstanding, 14,870,911 common shares were voted representing 51.91%, being held be 24 Shareholders, which voted by proxy.
Findev (www.findev.ca) is a real estate financing company that lends money to residential and retail development projects within the Greater Toronto Area (“GTA”). Findev’s unique market advantages include its expertise in real estate development and access to its development partners. This provides Findev with a strategic advantage in lending to developers engaged in challenging projects.
In addition to being a non-bank lender and an alternative source of capital, Findev is strongly aligned with Plazacorp Investments Limited (“Plazacorp”), one of Toronto’s most prominent real estate developers. Plazacorp is a significant shareholder in Findev. Plazacorp has completed 34 condominium projects throughout the City of Toronto, representing total revenues in excess of $2 billion and currently has 12 projects under development, representing approximately 4,400 units, expected to generate additional revenue in excess of $1.4 billion.
Findev in conjunction with Plazacorp can enable other construction lenders to close their risk gap on projects that commence or evolve into at-risk projects by providing subordinated capital and project execution oversight.
On behalf of the Company,
Sruli Weinreb, CEO
(647) 789 - 5188
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 RELEASE.
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Certain statements in this document may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like “may”, “will”, “expect”, “continue”, “believe”, “plan”, “intend”, “would”, “could”, “should”, “anticipate” and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the “Risk Factors” section of the Corporation’s the most recently filed Annual Report which is available on SEDAR at www.sedar.com.
Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.
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Source: Findev Inc. (TSX Venture:FDI)
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