CALGARY, AB, June 18, 2020 /CNW/ - Mainstreet Equity
Corp. ("Mainstreet" or the "Corporation") (TSX: MEQ) announces
that, further to its April 16, 2020
news release, Mainstreet has postponed its filing of the Company's
interim financial statements for the three and six months period
ended March 31, 2020 ("Q2 Financial
Statements") and associated management's discussion and analysis
("Q2 MD&A", and collectively with the Q2 Financial Statements,
the "Q2 Filings") to June 23,
2020.
This news release is being issued in accordance with ASC Blanket
Order 51-517 - Temporary Exemption from Certain Corporate
Finance Requirements (the "Blanket Order"), which grants the
Company up to an additional 45 days from the deadline otherwise
applicable under Alberta
securities laws to file the Q2 Filings, provided that it complies
with certain requirements set out in the Blanket Order.
Accordingly, Mainstreet is relying on the relief contained in the
Blanket Statements for its Q2 Financial Statements required by
section 4.4 of National Instrument 51-102 and its Q2 MD&A
required by subsection 5.1(2) of National Instrument 51-102.
Until such time as the Q2 filings are made, management and other
insiders of the Company are subject to an insider trading black-out
policy that reflects the principles in Section 9 of National Policy
11-207 - Failure-to-File Cease Trade Orders and Revocations in
Multiple Jurisdictions.
Other than the renewal of the Company's normal course issuer bid
which was announced by the Company on May
28, and as otherwise set out in the Company's April 16, 2020 news release, there have been no
material business developments since the date of the Company's
interim financial statements for the three months ended
December 31, 2019, which were filed
on February 11, 2020.
About Mainstreet
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 9,349,830
common shares outstanding.
Forward-Looking Information
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 proposed timing of the filing of the Q2
Filings 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. Such risks and other factors
include, among others, the effects of the COVID-19 pandemic on the
economy, the public markets and Mainstreet's business and on the
ability of the Company to prepare and approve the Q2 filings in a
timely manner, and other such business risks as discussed herein.
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
prepare the Q2 Filings and have them approved by the board in a
timely manner. 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
