Pacific & Western Credit Corp. announces results of its Series C noteholder meeting

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LONDON, ON, March 7, 2013 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is pleased to announce that at the special meeting of Series C noteholders held on March 7, 2013, at which over 53% of noteholders were represented, over 97% of responding noteholders voted in favor of a resolution authorizing proposed modifications to PWC's Series C Notes.

David Taylor, President & CEO of PWC and its wholly owned subsidiary Pacific & Western Bank of Canada (the "Bank") stated that, "I am very pleased with the tremendous support shown by the noteholders of PWC of this next step in the plan for the Bank to become a reporting issuer. I look forward to continuing with this plan and executing it as soon as possible."  Further details with respect to the modifications to the Series C Notes and the plans for PWC and the Bank were announced on January 28, 2013.

Pacific & Western Bank of Canada is wholly owned by Pacific & Western Credit Corp., whose shares trade on the TSX under the symbol PWC.

On behalf of the Board of Directors: David R. Taylor, President & C.E.O.

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Wade MacBain, [phone], [email protected]

FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations: [phone], [email protected]
Public Relations & Media: Tel Matrundola, Vice-President, [phone], [email protected]

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including information relating to the proposed reorganization, the expected timetable for completing the reorganization, benefits of the reorganization and any other statements regarding PWC's future expectations, beliefs, goals or prospects constitute forward-looking information within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements in this news release that are not statements of historical fact (including statements containing the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions) should be considered forward-looking statements. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond PWC's ability to control or predict. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation: the conditions to the completion of the reorganization, including the receipt of applicable security holder approval or the regulatory approvals required for the reorganization, may not be obtained on the terms expected or on the anticipated schedule, PWC's ability to meet expectations regarding the timing and completion of the reorganization and the volatility of the marketplace.

PWC assumes no obligation to update the information in this communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained in PWC's filings with the various provincial securities commissions which are or will be available online at www.sedar.com. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of PWC. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of the date hereof.

SOURCE: Pacific & Western Credit Corp.

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