Pacific & Western Signs Letter of Intent with Home Hardware to Provide Financing for Homecard Program

ST. JACOBS and LONDON, ON, Feb. 2 /CNW/ - Pacific & Western Bank of Canada and Home Hardware Stores Limited announced today that the two companies have signed a letter of intent that Pacific & Western intends to provide financing and credit services for Home Hardware's Homecard program used at its more than 1,080 locations across Canada including: Home Hardware, Home Building Centre, Home Hardware Building Centre and Home Furniture locations.

"Home Hardware has a long history of providing consumers and contractors with a solid financing program," said Paul Straus, President and CEO, Home Hardware Stores Limited. "We are proud to partner with Pacific & Western, two Canadian companies working together to continue to offer our customers convenient and affordable financing options for all their projects from decorating to renovating."

Homecard is a valuable marketing tool offering promotional financing to qualified Home Hardware customers. The Homecard program is of particular appeal to contractors or homeowners undertaking renovation projects.

"Pacific & Western is very pleased to be working with Home Hardware and its network of more than 1,080 independent Dealers across the country to help Canadian homeowners complete their dream projects," said David Taylor, President & Chief Executive Officer, Pacific & Western.

About Home Hardware Stores Limited

Home Hardware Stores Limited is Canada's largest independent hardware, lumber and building materials and furniture retailer with more than 1,080 stores across Canada, under the Home Hardware, Home Building Centre, Home Hardware Building Centre and Home Furniture banners. Dealers have access to 100,000 quality brand name and private label products and the company has annual retail sales of $4.85 billion. The cooperative was founded on January 1, 1964 by 122 independent hardware Dealers.

About Pacific & Western Bank of Canada

Pacific & Western Bank of Canada, a Canadian Schedule I chartered bank, is a branchless financial institution. Pacific & Western specializes in providing innovative financing solutions throughout Canada to well established corporations as well as government entities, including hospitals, school boards, universities and colleges, municipalities, provinces and territories, and federal government agencies. Pacific & Western Bank of Canada is wholly owned by Pacific & Western Credit Corp., whose shares trade on the TSX under the symbol PWC.

SOURCE Pacific

For further information: Home Hardware Stores Limited, Public Relations Manager: Rob Wallace, 519-664-2252, Rob.wallace@homehardware.ca, www.homehardware.ca; Pacific & Western Bank of Canada, Investor Relations: Wade MacBain, Director, (800) 244-1509, wadem@pwbank.com; Public Relations & Media: Tel Matrundola, Vice-President, (866) 787-9936, telm@pwbank.com; To receive company news releases, please contact: Carla McPhee at carlam@pwbank.com, (519) 675-4204, Visit our website at: http://www.pwbank.com

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Pacific & Western Credit Corp.

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