(March 6 – 16:00 ET) – Canadian First Financial Group Inc. says that the special committee appointed to identify and recommend potential buyers of the company has concluded its work. This committee was struck on November 23, 2000.

While some proposals were received and considered, CFFG says the committee determined that none were in the best interest of the company’s shareholders.

Speaking to the shareholders at today’s annual general meeting, Don Hyslop, president and COO of CFFG said, “Our annual general meeting originally scheduled for Nov. 29, 2000, was delayed by some three months to permit a full review of any serious offers. It is time to terminate this process and re-focus all energies of management and staff on building the company and adding shareholder value.”

He added, “In spite of management time taken in this process, significant progress in accomplishing strategic goals has been made in recent months. Two recent examples of accomplishments that add significantly to the value of CFFG include the merging of all of the companies mortgage business under the umbrella of Canadian First Mortgage Services Inc. and, more recently, receiving recognition from the British Columbia Securities Commission as a mutual fund dealer for our subsidiary, Hewmac Investment Services Inc.”

Hyslop concluded, “These are exciting times for financial planning businesses. With the Mutual Fund Dealers Association formally recognized as the self-regulatory body to the mutual fund dealer community, we will focus on our applications to the MFDA and in assisting our financial planners to meet the new challenges represented by joining an SRO.”
-IE Staff