LONDON, ON, July 26 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC), on behalf of 340268 Ontario Limited (340268), announced that 340268 sold 50,620 Class "B" Preferred Shares ("Class B Shares") of PWC on Friday July 23, 2010 to interested parties through Haywood Securities Inc. by way of cross trades on the TSX. 340268 is a long time supporter of PWC, and the holder of 1,108,190 common shares and 430,288 Class B Shares of PWC, representing approximately 22.5% of the issued and outstanding Class B Shares of PWC. 340268 intendes to sell the balance of its Class B Shares of PWC to interested parties over the next several weeks.
340268 acquired its Class B Shares through the conversion of Series C Promissory Notes of PWC held by 340268 into Class B Shares and through private placements of Class B Shares.
Mr. Patrick George, President of 340268, stated that, "I continue to believe that PWC's Class "B" Preferred shares and common shares represent an attractive investment and I believe in their long-term value and the strength of PWC. As I have stated previously, I have known David Taylor, the President of PWC, for many years and have the utmost confidence in him and his team." Mr. George indicates that he acquired the securities for investment purposes only and, subject to applicable securities laws and regulatory requirements, may acquire additional PWC securities in the future for the same purpose, as opportunities to do so occur.
Pacific & Western Credit Corp. operates primarily through its wholly-owned subsidiary, Pacific & Western Bank of Canada (PWBank). PWBank, a Schedule 1 chartered bank, is a branchless financial institution. PWBank specializes in providing financing throughout Canada to well established corporations and government entities, including hospitals, school boards, universities and colleges, municipalities, provinces and territories, and federal government agencies.
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SOURCE Pacific & Western Credit Corp.
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