Mainstreet Equity Corp.

CALGARY, May 10 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation" ) announced that it has filed on Sedar restated unaudited financial statements of the Corporation for the interim fiscal period ended December 31, 2006, and management's discussion and analysis in respect thereof, resulting from certain adjustments relating to the adoption by the Corporation, effective October 1, 2006, of a policy recommended in the CICA handbook, Section 3855.57(a) to account for finance charges incurred. Under this policy, all finance charges are recognized in net income.

About Mainstreet

Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, 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 and Greater Toronto Area.

The above disclosure may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including: the impact of general economic conditions in Canada, industry conditions, increased competition, the lack of available qualified personnel or management, equipment failures, stock market volatility, and fluctuations in rental prices, energy costs and foreign exchange or interest rates. The Corporation's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or, if any of them do so, what benefits the Corporation will derive from them.