Mainstreet Equity Corp. Cyber Incident

CALGARY, Alberta--(BUSINESS WIRE)--On May 21, 2024, Mainstreet Equity Corp. (TSX: MEQ) was the target of a cybersecurity incident, which affected Mainstreet’s internal systems. At this time Mainstreet has no reason to believe that its operating platform has been affected by this incident in any way.

Mainstreet is currently working with leading third-party cybersecurity experts to investigate this incident and to bring its internal systems back online in a safe and secure manner.

Mainstreet’s investigation is also currently assessing the extent to which any data has been compromised in the incident. In the event that the investigation determines that personal information has been impacted, Mainstreet will notify all affected individuals in accordance with privacy laws.

“The security of Mainstreet’s tenants, employees and other stakeholders remains the top priority for us,” says Bob Dhillon, President and CEO of Mainstreet. “The investigation into the cause and scope of this incident is ongoing, and we will provide updates in respect of this situation as they become available.”

About Mainstreet Equity Corp.

Mainstreet Equity Corp. (“Mainstreet”) is a Calgary-based real estate operating company, traded on the Toronto Stock Exchange (TSX:MEQ). Mainstreet is a top provider of high-quality, affordable multi-family rental units in western Canada, covering BC, AB, SK, and Winnipeg, with year-to-date holdings of over 17,800 units. The company's long-term value is anchored by a counter-cyclical strategy to aggressively acquire undervalued units at distressed prices, using low-cost capital. Once acquired, Mainstreet rapidly stabilizes the assets to minimize cycle times and boost net operating income. The company employs a 100% organic, non-dilutive growth model, leveraging its robust liquidity position. As at Q2 2024, Mainstreet’s assets were valued at approximately CDN $3.2B based on IFRS value.