Mainstreet announces corporate update

About this update from Mainstreet Equity Corp.

[{"type":"text","content":"\n\n\n\nCALGARY, March 24 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or "the\nCorporation") (TSX: MEQ) announces that it has obtained a $55 million\nsyndicated secured acquisition line of credit. The Corporation has also\nappointed a new Chief Operating Officer and Chief Financial Officer.\n\n\nLine of Credit\n\n\nThe Corporation has entered into an agreement for a $55 million\nsyndicated secured acquisition line of credit facility arranged by National\nBank Financial. National Bank Financial is the lead arranger, and National\nBank of Canada is the administrative agent and underwriter of the facility.\nThe facility is also syndicated to the Toronto Dominion Bank and Alberta\nTreasury Branches.\n\n\nThe acquisition facility is intended to allow Mainstreet the opportunity\nto continue to grow its portfolio while reducing its interim financing costs\non new unstabilized acquisitions. In addition, it is anticipated that the\nCorporation will be able to act quickly to take advantage of opportunities in\nthe marketplace, consistent with the Corporation's "Value Chain" model of\npurchasing under-performing properties, renovating them to a branded standard,\nimproving operating efficiencies and repositioning them in the market for\ngreater returns.\n\n\nCorporate Appointments\n\n\nMainstreet is pleased to announce the appointment of Johnny Lam to Chief\nOperating Officer and Cory Tamagi to Chief Financial Officer, effective\nMarch 20, 2008.\n\n\nMr. Lam previously held the position of Chief Financial Officer of the\nCorporation. His new responsibilities will include oversight of the day to day\noperations of Mainstreet and the execution of the Corporation's "Value Chain"\nmodel. Mr. Lam has been employed with Mainstreet since 1999 and, prior to\nthis, has over 20 years experience in senior financial management in Asia,\nEurope and North America. Mr. Lam was previously Vice President of Finance and\nAdministration at HB Media Holding Pte. Ltd. in Singapore and Head of Finance\nat Times Printers Pte. Ltd. also in Singapore. Mr. Lam holds a Certified\nGeneral Accountants designation, a Fellow of the Institute of Certified Public\nAccountants and a Bachelor of Commerce (Honors) degree from the University of\nBirmingham in the United Kingdom.\n\n\nCory Tamagi joined Mainstreet in January 2008 and, ...

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