Cervus Financial Strengthens Corporate Governance-Appoints Burt Napier as Chairman of the Board.TORONTO -- Cervus Financial Group Inc. ("Cervus"), (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CFG CFG Configuration (File Name Extension) CFG Control Flow Graph CFG Context-Free Grammar CFG Club for Growth CFG Cienfuegos, Cuba (city/airport code) CFG Critical Friends Groups ), a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company dedicated to providing mortgages through selected mortgage brokers. The Company has previously indicated it will adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. the standards for corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. . In keeping with that goal, the Company announced today the separation of the Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. role, with the appointment of Burt Napier as Chairman of the Board. "The recent move to the TSX from the TSX - Venture Exchange and the increasing institutional awareness of the company, have caused the Board of Directors to accelerate the division of the roles of Chairman and CEO" states Gary Bartholomew, CEO of Cervus Financial. "With governance rules evolving, the appointment of a businessman with the experience of Burt Napier will assist the Company in maintaining the current high standards of corporate conduct during this period of rapid growth." Burt Napier has over 35 years of experience as an information technology and strategic consultant for the financial community, and has held senior executive positions at CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company and TD Canada Trust CT Financial Services Inc. was a financial services holding company that was founded in London, Ontario and later had its headquarters in Toronto, Ontario and operated in Canada through subsidiaries including Canada Trustco Mortgage Company and The Canada Trust Company . Burt also plays an active role as an educator, acting as Vice Chairman of Humber College Humber College Institute of Technology & Advanced Learning (generally referred to as Humber) is a college in Toronto, Ontario, Canada. Humber provides over 350 programs including: bachelor’s degree, diploma, certificate, apprenticeship and postgraduate programs. and teaching at institutions throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The following changes have been made to accommodate the new Chairman role: Gary Bartholomew, former Chairman and Chief Executive Officer will be Chief Executive Officer and Executive Director of Cervus Financial Group Inc. David Banks David Banks (born 24 September 1951 in Hull, England) is a British actor. His television roles include EastEnders and Brookside and also he was the Cyberleader in the science fiction series Doctor Who , member of the Human Resource Committee has become the Chair of the Human Resource Committee, replacing Burt Napier Richard Bell, President and Director, transitions to Executive Director, Corporate Development The Board of Directors of Cervus Financial Group Inc. are as follows: Burt Napier, Chairman of the Board Gary Bartholomew, Executive Director and CEO Richard Bell, Executive Director - Corporate Development William Hewitt, Independent Director, Chair of Audit, Finance and Governance Committee David Banks, Independent Director - Chair of the Human resource Committee Peter Williams, Independent Director Stephen Barley, Independent Director Victor Hum, Director, Corporate Secretary and Legal Council The committees of the Board of Directors are as follows: Audit, Finance and Governance Committee William Hewitt, Chair Peter Williams Burt Napier Human Resource Committee David Banks, Chair William Hewitt Burt Napier About "Customer for Life" The Cervus "Customer for Life" model enables the mortgage professional to retain the relationship with the borrower as a customer throughout the life of the mortgage. The compensation model also creates a continued revenue stream in the form of trailer fees, a one time origination fee A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. and a renewal fee every time the customer renews with Cervus. This creates income security for the mortgage professional allowing a long-term relationship to be developed with the borrower. This long-term relationship subsequently gets passed along to the institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. of the mortgage security, creating a higher yield long-term investment cash flow stream. The Cervus "Customer for Life" model creates profitable relationships for the borrowers, mortgage professionals, institutional investors and for Cervus. About Cervus Cervus Financial Group Inc. is a Canadian financial services company created as an industry initiative with leading mortgage broker companies and fixed income investment banks to become a high-yield residential mortgage producer and the largest mortgage broker lender of conventional insured and insurable mortgages in Canada. Our new and innovative business model demonstrates contracted asset accumulation of $30B in mortgages over five to seven years by fusing industry ownership, technology, service delivery and long term recurring revenue for the mortgage brokers. Cervus works on the basis of a "Customer for Life" model, where the borrower is the client of the mortgage broker and Cervus is effectively the "Back Office - Servicer" between borrowers and investors. Cervus has assembled an experienced management team and board of directors who are knowledgeable in banking, financial services and related businesses. Cervus is focused on funding and servicing insurable conventional and high ratio insured residential mortgages originated through mortgage brokers. Cervus is currently licensed under Ontario, Quebec, British Columbia and Alberta mortgage broker/lender legislation and is seeking similar regulatory approvals in other Canadian Provinces as required. Cervus' head office and Ontario operations centre is located in Toronto, with additional sales offices in Vancouver, Calgary and in Montreal. Cervus Financial Group Inc. conducts all lending operations through its wholly-owned subsidiary, Cervus Financial Corp. Forward-looking (safe harbour) statement Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," plans," "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Additional information about Cervus is available on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review (www.sedar.com). The TSX does not accept responsibility for the adequacy or accuracy of this release. Cervus Financial Group Inc. (TSX:CFG) |
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