Canadian-based MortgageBrokers.com Holdings Inc. is one of North America’s leading mortgage brokerage brand and consolidation firms. In September of 2008, the company was voted Canada’s #1 emerging growth company in PROFIT Magazine’s ninth annual ‘hot 50 list’ of Canada’s emerging growth companies.
The company is dedicated to re-branding over 40,000 small and medium mortgage brokerage firms in North America while providing these entities scalability through a centralized shared services platform. MortgageBrokers.com is designed to facilitate continued ownership for these brokers while they work under the umbrella of one globally recognized brand. The company provides centralized services in the areas of payroll and accounting, compliance, marketing, technology, human resources and lead generation to afford its brokers improved access to potential customers through strategic alliances and partnerships.
MortgageBrokers.com today announced that its board of directors has authorized a purchase of up to 2 million shares of its outstanding common stock as a part of a stock buyback program. The stock buyback will be funded from the company’s current cash and future cash flow. The timing and exact number of shares purchased will be at the discretion of MortgageBrokers.com and will depend on market conditions. The program can be suspended or discontinued at any time. Shares will not be purchased from company management or insiders, purchases will occur in the open market, negotiated or block transactions.
Chairman and CEO of MortgageBrokers.com Alex Haditaghi gave the reason for the stock buyback program stating, “We believe that the current share price does not accurately reflect MortgageBrokers.com’s long-term growth prospects and therefore this stock buyback represents an excellent investment opportunity for both the company and our shareholders.”