March 20, 2020
I am writing to you today with an important business update.
The Canadian Investment landscape and the real estate/mortgage investing world has had a very difficult few years. The current situation, and with the impact of the COVID-19 Pandemic we have had to reevaluate our business moving forward. The MIC portfolio has experienced difficulties and we have had a very limited ability to move forward. Mortgage defaults have forced us to suspend our annual dividend and a number of the properties that we have taken as security have not been able to be sold.
In an effort to move forward, we have sought out new investment and partnerships.
We are very pleased to announce that effective April 1, BTB MIC has partnered with 1Ness MIC Management Corporation, headed up by Steve Froese. Mr. Froese and his team have extensive experience managing and operating Mortgage Investment Corporations and we are very confident that they will help BTB move onward and upward. They will be making a significant investment into BTB which will provide additional lending capabilities, increased revenues and liquidity for investors that wish to sell their shares. I believe in their management abilities and we are excited to work with them moving forward.
More information will follow shortly, we appreciate your patience and the trust that you have placed in us over the years in this difficult environment.
Sincerely,