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Marketwired
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West Street Announces First Quarter Results

TORONTO, ONTARIO -- (Marketwire) -- 05/28/12 -- West Street Capital Corporation (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) ("West Street" or the "company") reported net income for the quarter ended March 31, 2012 of $1.5 million compared to $0.6 million in the comparative quarter in 2011. After providing for unpaid preferred share dividend obligations of $0.7 million (2011 - $0.7 million) that accumulated during the quarter, net income per common share was $0.07 for the three months ended March 31, 2012 compared to a net loss of $0.01 per common share in 2011.

STATEMENTS OF OPERATIONS

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                Three months ended March 31
(Thousands, except per share amounts)                   2012           2011
----------------------------------------------------------------------------
Investment income                              $         731  $         821
Operating and legal expenses                             (23)           (18)
----------------------------------------------------------------------------
                                                         708            803
Foreign currency revaluation                             (40)           (12)
Investment losses                                          -           (236)
----------------------------------------------------------------------------
Net income before taxes                                  668            555
Current tax recovery (expense)                             3           (337)
Deferred tax recovery                                    805            405
----------------------------------------------------------------------------
Net income                                     $       1,476  $         623
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income per share                           $        0.07  $       (0.01)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Comprehensive income, which includes both net income and other comprehensive income, for the three months ended March 31, 2012 totalled $7.1 million compared to $3.1 million in the comparative period in 2011, which reduced the common share deficit to $31.1 million. The company recorded an unrealized gain of $5.6 million (2011 - $2.5 million) in other comprehensive income during the quarter as a result of increases in the fair value of the securities portfolio.

STATEMENTS OF FINANCIAL POSITION

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                 (Unaudited)
                                                   March 31,   December 31,
(Thousands)                                             2012           2011
----------------------------------------------------------------------------
Assets
 Cash and cash equivalents                     $       5,748  $       5,078
 Securities                                           64,143         57,922
 Interest receivable and other                           764            617
----------------------------------------------------------------------------
                                               $      70,655  $      63,617
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
 Accounts payable and other provisions                    20            101
Equity                                                70,635         63,516
----------------------------------------------------------------------------
                                               $      70,655  $      63,617
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                   March 31,   December 31,
(Thousands, except per share amount)                    2012           2011
----------------------------------------------------------------------------
Equity                                         $      70,635  $      63,516
Less: amounts attributable to preferred shares
 Stated value                                        (42,160)       (42,160)
 Unpaid dividends(1)                                 (59,603)       (58,869)
----------------------------------------------------------------------------
Common share deficit(2)                        $     (31,128) $     (37,513)
Per common share                               $       (2.85) $       (3.43)
----------------------------------------------------------------------------

(1) Represents dividends in arrears on preferred shares that are unaccrued
    for IFRS purposes
(2) The above table presents the significant common share deficit resulting
    from the net book value of the company being attributed to the preferred
    shares

Contacts:
West Street Capital Corporation
Sachin G. Shah
President
(416) 359-8625

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