Pacific & Western Credit Corp. Announces Results of Special Meeting of Class "A" Preferred Shareholders

    LONDON, ON, July 27 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC)
wishes to announce that at the Special Meeting of the Class "A" Preferred
Shareholders held today the resolution authorizing an amendment to the
Articles of PWC to amend the share provisions attached to the Class "A"
Preferred Shares was passed. The Class "A" Preferred Shares may now be
converted, at the option of the holders, into Class "B" Preferred Shares, at a
rate of 0.12 of a Class "B" Preferred Share for each Class "A" Preferred Share
converted. The right to convert may only be exercised up to and including
August 28, 2009. The effective date of the conversion of the Class "A"
Preferred Shares will be August 31, 2009. All conversions are strictly
voluntary.
    Additional material relating to the Special Meeting of the Class "A"
Preferred Shareholders 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 [e-mail], [phone]

For further information: Investor Relations: [phone],
[e-mail]; Public Relations & Media: Tel Matrundola,
Vice-President, [phone], [e-mail], Visit our website at:
http://www.pwbank.com