Mainstreet Equity Corp Provides Update on Filing of Q2 Financial Statements and MD&A
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
Bob Dhillon, President & CEO, Tel: 403-215-6070
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