CALGARY, March 24 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or "the Corporation") (TSX: MEQ) announces that it has obtained a $55 million syndicated secured acquisition line of credit. The Corporation has also appointed a new Chief Operating Officer and Chief Financial Officer.
Line of Credit
The Corporation has entered into an agreement for a $55 million syndicated secured acquisition line of credit facility arranged by National Bank Financial. National Bank Financial is the lead arranger, and National Bank of Canada is the administrative agent and underwriter of the facility. The facility is also syndicated to the Toronto Dominion Bank and Alberta Treasury Branches.
The acquisition facility is intended to allow Mainstreet the opportunity to continue to grow its portfolio while reducing its interim financing costs on new unstabilized acquisitions. In addition, it is anticipated that the Corporation will be able to act quickly to take advantage of opportunities in the marketplace, consistent with the Corporation's "Value Chain" model of purchasing under-performing properties, renovating them to a branded standard, improving operating efficiencies and repositioning them in the market for greater returns.
Corporate Appointments
Mainstreet is pleased to announce the appointment of Johnny Lam to Chief Operating Officer and Cory Tamagi to Chief Financial Officer, effective March 20, 2008.
Mr. Lam previously held the position of Chief Financial Officer of the Corporation. His new responsibilities will include oversight of the day to day operations of Mainstreet and the execution of the Corporation's "Value Chain" model. Mr. Lam has been employed with Mainstreet since 1999 and, prior to this, has over 20 years experience in senior financial management in Asia, Europe and North America. Mr. Lam was previously Vice President of Finance and Administration at HB Media Holding Pte. Ltd. in Singapore and Head of Finance at Times Printers Pte. Ltd. also in Singapore. Mr. Lam holds a Certified General Accountants designation, a Fellow of the Institute of Certified Public Accountants and a Bachelor of Commerce (Honors) degree from the University of Birmingham in the United Kingdom.
Cory Tamagi joined Mainstreet in January 2008 and, as Chief Financial Officer, will be responsible for the financial affairs of the Corporation. Prior to joining Mainstreet, Mr. Tamagi was the Director of Finance and Administration & Corporate Secretary at Sultran Ltd. He has also worked in various financial and accounting positions with Canadian Pacific Ltd., the Alberta Securities Commission and Price Waterhouse Chartered Accountants. Mr. Tamagi holds a Chartered Accountant designation and a Bachelor of Commerce Degree from the University of Calgary.
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 the Vancouver Lower Mainland (Surrey and Abbotsford), Calgary, Edmonton, Saskatoon and the Greater Toronto Area.
Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol MEQ.
Cautionary Statement Regarding Forward-Looking Statements
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.