Pacific & Western Credit Corp. Announces Results of Special Meetings

    LONDON, ON, June 29 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC)
wishes to announce that at the Special Meetings of the Common Shareholders,
Series A Noteholders and Series C Noteholders held on June 26, 2009, the
resolution authorizing the creation of the Class "B" Preferred Shares and the
resolutions authorizing the conversions of the Series A Notes and Series C
Notes into the new Class "B" Preferred Shares were passed by an overwhelming
majority. The conversion of Series A Notes into Series C Notes was also
authorized. Conversion materials are being mailed out this week and must be
received by Computershare by August 28, 2009. The effective date of
conversions is August 31, 2009. All conversions are strictly voluntary.
    As quorum was not present for the Special Meeting of Class "A" Preferred
Shareholders, the meeting has been adjourned until Monday, July 27, 2009 at
10:00 a.m. at The London Club, 177 Queens Avenue, London, Ontario.
    Additional material relating to the Special Meetings can be found on
SEDAR at www.sedar.com and at our website at
http://pwbank.com/investor/meetings.
    Pacific & Western Credit Corp.'s shares trade on the TSX under the symbol
PWC.

    To receive company news releases, please contact:
    Carla McPhee at carlam@pwbank.com, (519) 675-4204

For further information: Investor Relations: (800) 244-1509,
InvestorRelations@pwbank.com; Public Relations & Media: Tel Matrundola,
Vice-President, (416) 203-0882, telm@pwbank.com; Visit our website at
http://www.pwbank.com