April 3, 2013, Toronto, Canada – GC-Global Capital Corp. (GDE.A:TSXV) is pleased to announce that its investee company, Marathon Mortgage Corporation (“MMC” or “Marathon”) has received its Genworth Canada (Genworth Financial Mortgage Insurance Company Canada) lenders status. Similar to CMHC (Canada Mortgage and Housing Corporation), Genworth Canada provides mortgage default insurance to residential mortgage lenders for low down payment mortgages on one-to-four unit residential properties. This lenders’ status with Genworth Canada is in addition to the CMHC lender’s status previously awarded to Marathon announced in the February 11, 2013 press release.
As outlined in its December 2011 press release, GC-Global Capital Corp. (“Global Capital”) is one of the founding shareholders of Marathon Mortgage Corporation (“MMC”), a residential mortgage origination, sales and servicing business. MMC brings together the former management team of First Marathon Mortgage Corp. which at the time of its sale in 2002 was servicing approximately $4 Billion in mortgages. Marathon’s management team and business operations are in place and full operational status is expected to begin shortly. Through the MMC management team’s alliances with major financial institutions and mortgage brokerage firms, MMC’s goal is to become one of the most reliable residential and commercial mortgage lenders in Canada, providing competitive mortgage products, competitive mortgage interest rates, competitive mortgage terms and reliable service through quick turnaround service to its borrowers and broker partners. MMC will underwrite prime-insured and conventional residential and commercial mortgages that will be sold to mortgage investors, such as banks or trust companies, co-operatives, securities firms and insurance companies. MMC expects to retain the majority of servicing for these mortgages.
Global Capital’s CEO, Jason Ewart, commented “The receipt of both Genworth Canada and CMHC lenders’ statuses for Marathon represents significant milestones in the company’s development. We look forward to providing our shareholders with further updates on Marathon’s operations during 2013.”
About Global Capital
Global Capital is a merchant bank, which provides bridge loan services, to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology. For further information, please contact Jason G. Ewart at (416) 488-7760 or visit Global’s website at HYPERLINK “http://www.gcglobalcapital.ca” www.gcglobalcapital.ca .
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.