West Street Announces 2007 Third Quarter Results

TORONTO, ONTARIO (TSX: WSC)(TSX: WSC.PR.A) reported net income before taxes for the three months ended September 30, 2007 of $890 thousand, compared to $625 thousand during the same period in 2006. After providing for unpaid preferred share dividend obligations that accumulated during the three months ended September 30, 2007, the net loss per common share was $0.02, compared with $0.03 per common share during the same period last year.

Dividends, interest and other income totalled $918 thousand for the three months ended September 30, 2007, which increased by $224 thousand over the prior year.

Statements of Operations
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                                    Three months ended   Nine months ended
                                          September 30        September 30
(unaudited)
$thousands, except per share amounts    2007      2006     2007       2006
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Investment income and other         $    918  $    694  $ 2,350  $   1,924
Operating and legal expenses              28        69      210        222
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Net income before investment gains       890       625    2,140      1,702
Investment gains                           -         -        -        317
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Net income before taxes                  890       625    2,140      2,019
Income tax expense                       352       225      449        410
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Net income                          $    538  $    400  $ 1,691  $   1,609
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Net loss per common share           $  (0.02) $  (0.03) $ (0.05) $   (0.05)
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Balance Sheet
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                                                (unaudited)
$thousands, except per share amount     September 30, 2007 December 31 2006
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Assets
 Cash and equivalents                       $       12,298    $      10,518
 Securities(1)                                      34,397           33,421
 Interest receivable and other                         290              258
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                                            $       46,985    $      44,197
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Liabilities
 Accounts payable and provisions            $          339    $         239
Shareholders' equity(3)                             46,646           43,958
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                                            $       46,985    $      44,197
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Attributable to each Class A Preferred
 Share, Series E(3)                         $        27.84    $       26.24
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(1) As a result of a change in accounting standards which took affect
    January 1, 2007, securities are carried at market value in the
    company's financial statements as at September 30, 2007. The carrying
    value of securities as at December 31, 2006 was based on historical
    book value.
(2) No carrying value has been assigned to $288.1 million of capital losses
    in the company's financial statements as there is not sufficient
    certainty of utilization.
(3) Shareholders' Equity
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   September 30, 2007
                                                             Per Preferred
   $thousands, except per share amounts             Total            Share
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   Book value of net assets and liabilities    $   46,646      $     27.84
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   Less amounts attributed to preferred shares
    Redemption value                               41,887            25.00
    Preferred share dividends in arrears           46,895            27.98
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                                                   88,782            52.98
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   Common share deficit                        $  (42,136)     $    (25.14)
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As a result of cumulative dividends in arrears, the tangible net book value
of the company currently accrues entirely to the preferred shares. The
above preferred share information is based on 1,675,465 preferred shares
currently issued and outstanding.

This news release contains forward-looking statements concerning the Company's business and operations. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Contacts: West Street Capital Corporation Brian D. Lawson President and Chief Executive Officer [phone]