Pacific & Western Credit Corp. Announces Issuance of $33.2 Million Class "B" Preferred Shares



    LONDON, ON, Aug. 31 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that approximately $33.2 million of new Class "B"
Preferred Shares of PWC will be issued today as a result of conversions of
approximately 828,000 Class "A" Preferred Shares, $3.3 million of Series A
Notes and $27.4 million of Series C Notes. In addition, approximately $6.8
million of Series C Notes of PWC will be issued today as a result of the
conversion of approximately $5.6 million of Series A Notes.
    The TSX has approved the listing of PWC's new Class "B" Preferred Shares,
subject to the receipt of standard documentation. Trading of the Class "B"
Preferred Shares is expected to commence on the TSX on or about Tuesday,
September 8, 2009.
    David Taylor, President & C.E.O stated that, "We are very pleased that
our new class of preferred shares has been so well received by the investing
public".

    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:

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

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Pacific & Western Credit Corp.

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