CALGARY, March 24 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or "the
Corporation") (TSX: MEQ) announces that it has obtained a $55 million
syndicated secured acquisition line of credit. The Corporation has also
appointed a new Chief Operating Officer and Chief Financial Officer.
Line of Credit
The Corporation has entered into an agreement for a $55 million
syndicated secured acquisition line of credit facility arranged by National
Bank Financial. National Bank Financial is the lead arranger, and National
Bank of Canada is the administrative agent and underwriter of the facility.
The facility is also syndicated to the Toronto Dominion Bank and Alberta
The acquisition facility is intended to allow Mainstreet the opportunity
to continue to grow its portfolio while reducing its interim financing costs
on new unstabilized acquisitions. In addition, it is anticipated that the
Corporation will be able to act quickly to take advantage of opportunities in
the marketplace, consistent with the Corporation's "Value Chain" model of
purchasing under-performing properties, renovating them to a branded standard,
improving operating efficiencies and repositioning them in the market for
Mainstreet is pleased to announce the appointment of Johnny Lam to Chief
Operating Officer and Cory Tamagi to Chief Financial Officer, effective
March 20, 2008.
Mr. Lam previously held the position of Chief Financial Officer of the
Corporation. His new responsibilities will include oversight of the day to day
operations of Mainstreet and the execution of the Corporation's "Value Chain"
model. Mr. Lam has been employed with Mainstreet since 1999 and, prior to
this, has over 20 years experience in senior financial management in Asia,
Europe and North America. Mr. Lam was previously Vice President of Finance and
Administration at HB Media Holding Pte. Ltd. in Singapore and Head of Finance
at Times Printers Pte. Ltd. also in Singapore. Mr. Lam holds a Certified
General Accountants designation, a Fellow of the Institute of Certified Public
Accountants and a Bachelor of Commerce (Honors) degree from the University of
Birmingham in the United Kingdom.
Cory Tamagi joined Mainstreet in January 2008 and, as Chief Financial
Officer, will be responsible for the financial affairs of the Corporation.
Prior to joining Mainstreet, Mr. Tamagi was the Director of Finance and
Administration & Corporate Secretary at Sultran Ltd. He has also worked in
various financial and accounting positions with Canadian Pacific Ltd., the
Alberta Securities Commission and Price Waterhouse Chartered Accountants.
Mr. Tamagi holds a Chartered Accountant designation and a Bachelor of Commerce
Degree from the University of Calgary.
Mainstreet is a Calgary-based, growth-oriented real estate corporation
focused on the acquisition, redevelopment, repositioning, asset and property
management of mid-market apartment buildings. The Corporation currently owns
and operates residential rental units, including apartments and townhouses, in
the Vancouver Lower Mainland (Surrey and Abbotsford), Calgary, Edmonton,
Saskatoon and the Greater Toronto Area.
Mainstreet's common shares are listed on the Toronto Stock Exchange under
the symbol MEQ.
Cautionary Statement Regarding Forward-Looking Statements
The above disclosure may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, some of which are
beyond the Corporation's control, including: the impact of general economic
conditions in Canada, industry conditions, increased competition, the lack of
available qualified personnel or management, equipment failures, stock market
volatility, and fluctuations in rental prices, energy costs and foreign
exchange or interest rates. The Corporation's actual results, performance or
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur, or, if any of them do so, what benefits the Corporation
will derive from them.
For further information:
For further information: Bob Dhillon, Chief Executive Officer, (403)
215-6063; Additional information is available at: www.mainst.biz,