CALGARY, May 10 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the
"Corporation" ) announced that it has filed on Sedar restated unaudited
financial statements of the Corporation for the interim fiscal period ended
December 31, 2006, and management's discussion and analysis in respect
thereof, resulting from certain adjustments relating to the adoption by the
Corporation, effective October 1, 2006, of a policy recommended in the CICA
handbook, Section 3855.57(a) to account for finance charges incurred. Under
this policy, all finance charges are recognized in net income.

    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
Vancouver/Lower Mainland (Surrey), Calgary, Edmonton and Greater Toronto Area.

    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.