Wall Financial Corporation - News Release

    VANCOUVER, April 24 /CNW/ - Wall Financial Corporation (the "Company")
released today its operating results and financial statements for the years
ended January 31, 2009 and 2008. The Company recorded net earnings for the
fourth quarter of $3,344,087 or $0.10 per share (2008 - $1,164,547) and
recorded annual net earnings of $18,373,207 or $0.57 per share (2008 -
    At January 31, 2009, the Company recorded earnings before interest,
income tax, and depreciation and amortization (EBITDA), and non-controlling
interest of $25,865,982 (2008 - $59,181,944).
    Revenues in the current year are lower as fewer condominium sales closed
due to reduced inventory of completed units, hotel revenue marginally declined
by $182,045, and rental operating revenues increased by $779,822 as rental
rates increased by approximately 5.0% with an additional 124 rental units
added during the year.

                                         January 31, 2009   January 31, 2008
                                         -----------------  -----------------

    Revenue and other income             $    122,128,053   $    199,072,777
    Net earnings                               18,373,207         24,476,813
    Net earnings per share                           0.57               0.76

    Total assets                         $    516,459,728   $    435,169,013

    The above financial information is expressed in Canadian dollars and is
prepared in accordance with Canadian generally accepted accounting principles,
using the same accounting policies and methods of application as described in
note 3 of the Company's audited consolidated financial statements for the
years ended January 31, 2009 and 2008.

    Wall Financial Corporation is a B.C. based real estate company active in
the development and management of residential rental apartments, development
and construction of residential housing for resale, and the development and
management of hotel properties.

    %SEDAR: 00002080E

For further information:

For further information: Bruno Wall, President, WALL FINANCIAL
CORPORATION (TSX: WFC), 3502 - 1088 Burrard Street, Vancouver, British
Columbia, V6Z 2R9, (604) 893-7131

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