Mainstreet Equity Corp. provides notice of redemption of 7.25% of convertible unsecured subordinated debentures due 2011

    CALGARY, Oct. 9 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the
"Corporation") (TSX:MEQ) announces that notice is hereby given pursuant to the
trust indenture (the "Indenture") dated as of October 8th, 2004 between the
Corporation and Computershare Trust Company of Canada (the "Debenture
Trustee"), as trustee, that the aggregate principal amount of $17,834,000 of
Debentures outstanding will be redeemed as of November 6, 2007 (the
"Redemption Date"), upon payment of a redemption amount of $1,007.15 for each
$1,000 principal amount of Debentures, being equal to the aggregate of (i)
$17,961,513.10 (the "Redemption Price"), and (ii) all accrued and unpaid
interest hereon to but excluding the Redemption Date (collectively, the "Total
Redemption Price").
    The Total Redemption Price will be payable upon presentation and
surrender of the Debentures called for redemption at the following corporate
trust office:

    Computershare Trust Company of Canada
    600, 530 - 8th Avenue S.W.
    Calgary, Alberta
    T2P 3S8

    The interest upon the principal amount of Debentures called for
redemption shall cease to be payable from and after the Redemption Date,
unless payment of the Total Redemption Price shall not be made on presentation
for surrender of such Debentures at the above-mentioned corporate trust office
on or after the Redemption Date or prior to the setting aside of the Total
Redemption Price pursuant to the Indenture.

    About Mainstreet

    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 11,910,393 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.

    Additional information is available at:

For further information:

For further information: Bob Dhillon, Chief Executive Officer, (403)

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