An anonymous director reports

CLASS ACTION COMMENCED AGAINST PAST AND PRESENT DIRECTORS OF PRIMEWEST MORTGAGE INVESTMENT CORPORATION

On June 12, 2018, Randy Koroluk commenced a class action lawsuit in the Court of Queen's Bench for Saskatchewan, in the Judicial Centre of Regina, against the existing and past directors (since 2015) of PrimeWest Mortgage Investment Corp. The legal action deals with oversight of the actions of Don Zealand, former chief executive officer of the corporation, and the collection and disposition of mortgaged assets since the departure of the former chief executive officer. The statement of claim alleges several heads of damages, including negligence and breach of trust.

The legal action has not been served on all of the named defendants, and the court action cannot proceed until it has been certified as a class action by the Saskatchewan Court of Queen's Bench.

The chairman of the board stated on June 20, 2018, that a defence will be filed denying all allegations.

About PrimeWest Mortgage Investment Corp.

PrimeWest was incorporated as a mortgage investment corporation in 2005 and is based in Saskatoon, Sask.