CALGARY, Feb. 23 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the
"Corporation") (TSX:MEQ) announces that subject to acceptance by the Toronto
Stock Exchange (the "TSX"), the Corporation proposes to amend its current
normal course issuer bid ("Bid") to increase the maximum number of common
shares of the Corporation ("Common Shares") that may be acquired by way of the
Bid from 700,000 to 1,042,437 representing approximately 10% of the
outstanding Common Shares in the public float on the date of acceptance of the
initial notice of the Bid. All other terms of the Bid, as previously described
in the press release dated July 30, 2008 remain the same.
Mainstreet's Board of Directors believes that the purchase of Common
Shares pursuant to the normal course issuer bid is in the best interests of
Mainstreet and its shareholders as the Common Shares may become available for
purchase at prices which make them an appropriate use of Mainstreet's funds.
All shares purchased under the issuer bid will be cancelled and returned to
treasury. Mainstreet intends to acquire Common Shares from time to time in
amounts and prices which its management believes are favourable and consistent
with prudent economic and financial considerations.
Any purchases made by Mainstreet under the bid will be made through the
facilities of and in accordance with the rules of the TSX.
Established in 1997, Mainstreet is a Calgary-based, growth-oriented real
estate corporation focused on the acquisition, redevelopment, repositioning,
and asset and property management of mid-market apartment buildings. The
Corporation currently owns and operates residential rental units, including
apartments and townhouses, in Vancouver/Lower Mainland (Surrey), Calgary,
Edmonton, Saskatoon and Greater Toronto Area.
Mainstreet's common shares are listed on the Toronto Stock Exchange under
the symbol "MEQ".
Members of Mainstreet's Board of Directors have reviewed this news
release prior to distribution.
For further information:
For further information: Bob Dhillon, Chief Executive Officer, (403)
215-6063; Additional information is available at: www.mainst.biz,