CALGARY, July 30 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the
"Corporation") (TSX:MEQ) announces that subject to acceptance by the Toronto
Stock Exchange (the "TSX"), the Corporation intends to proceed with a normal
course issuer bid ("Bid"). Mainstreet purchased 208,700 common shares of the
Corporation ("Common Shares") pursuant to its previous Bid which expired
July 2, 2008. The maximum number of Common Shares which may be acquired by way
of the current Bid is 700,000, representing approximately 6.7% of the
outstanding Common Shares in the public float and 4.8% of the outstanding
Common Shares. As at July 28, 2008 there were 14,573,473 Common Shares
outstanding. The average daily trading volume for the prior six months ended
June 30, 2008 is 18,279. Mainstreet intends to commence the Bid on Aug 1, 2008
and terminate the bid on July 31, 2009.
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". There are currently 14,573,473 common shares outstanding.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
When used herein, words such as "intended" and similar expressions are
intended to identify forward-looking statements. Forward-looking statements
are based on assumptions by and information available to the Corporation.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Actual results may differ materially from those currently
anticipated. The forward-looking statements contained herein are expressed
qualified by this cautionary statement.
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,