CALGARY, March 19, 2021 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX: MEQ) announces that Mr. Johnny Lam, the Corporation's Chief Operating Officer, has advised Mainstreet of his decision to retire from the Company upon reaching the age of 65, being April 20, 2021.
Mr. Lam's retirement has been well planned. In anticipation of his retirement, Mainstreet has increased and strengthened its senior management team and Mr. Lam has, over the last few years, been working to transition his responsibilities and duties to other members of the senior management team, including the Chief Financial Officer and Vice President, Operations. Accordingly, Mainstreet expects a very smooth transition period and does not anticipate any need to replace Mr. Lam at this time.
Mainstreet is a Calgary-based, growth-oriented real estate corporation focused on the acquisition, redevelopment, repositioning, and asset and property management of mid-market apartment buildings. The Corporation currently owns and operates residential rental units, including apartments and townhouses, in the B.C. Lower Mainland, Airdrie, Calgary, Edmonton, Lethbridge, Saskatoon and Regina.
Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol "MEQ". There are currently 9,345,218 common shares outstanding.
Certain statements contained herein constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements regarding the replacement of the COO and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.
Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in this Annual Information Form under the heading "Risk Factors", that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the ability of the Company to fulfill the duties of the COO with the current management team. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.
Forward-looking statements are based on Management's beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws or as otherwise described therein.
SOURCE Mainstreet Equity Corporation