CALGARY, July 30 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) announces that subject to acceptance by the Toronto Stock Exchange (the "TSX"), the Corporation intends to proceed with a normal course issuer bid ("Bid"). Mainstreet purchased 208,700 common shares of the Corporation ("Common Shares") pursuant to its previous Bid which expired July 2, 2008. The maximum number of Common Shares which may be acquired by way of the current Bid is 700,000, representing approximately 6.7% of the outstanding Common Shares in the public float and 4.8% of the outstanding Common Shares. As at July 28, 2008 there were 14,573,473 Common Shares outstanding. The average daily trading volume for the prior six months ended June 30, 2008 is 18,279. Mainstreet intends to commence the Bid on Aug 1, 2008 and terminate the bid on July 31, 2009. Mainstreet's Board of Directors believes that the purchase of Common Shares pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders as the Common Shares may become available for purchase at prices which make them an appropriate use of Mainstreet's funds. All shares purchased under the issuer bid will be cancelled and returned to treasury. Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. Any purchases made by Mainstreet under the bid will be made through the facilities of and in accordance with the rules of the TSX. About Mainstreet Established in 1997, 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 Vancouver/Lower Mainland (Surrey), Calgary, Edmonton, Saskatoon and Greater Toronto Area. Mainstreet's common shares are listed on the Toronto Stock Exchange under the symbol "MEQ". There are currently 14,573,473 common shares outstanding. Cautionary Statement Regarding Forward-Looking Statements This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressed qualified by this cautionary statement. Members of Mainstreet's Board of Directors have reviewed this news release prior to distribution.