West Street Announces First Quarter Results

  West Street Capital Corporation ("West Street" or the "company") (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for the period ended March 31, 2010 of $0.5 million compared to $0.4 million in 2009. After providing for unpaid preferred share dividend obligations of $0.7 million (2009 - $0.7 million), the net loss per common share was $0.02 compared with a net loss of $0.03 per common share during the period ended March 31, 2009.

The total return to shareholders, including changes in the market value of the company's investment portfolio, was $1.2 million (2009 - loss of $23 thousand) of which $0.7 million accrued to the preferred shareholders through their cumulative dividend entitlement and $0.5 million reduced the deficit attributable to the company's common shares.

Dividends, interest and other income totalled $0.7 million for the period ended March 31, 2010, in comparison to $0.5 million in the same period in 2009 and consist principally of dividends and interest earned on the company's securities portfolio. The increase in investment income is primarily the result of the investment of cash balances into a higher yielding U.S. dollar bond portfolio in the fourth quarter of 2009.

Statements of Operations
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THREE MONTHS ENDED MARCH 31
(thousands, except per share amounts)                  2010      2009
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Investment income                                  $    696  $    521
Operating and legal expenses                             41        35
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Net income before taxes                                 655       486
Current taxes                                           178       106
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Net income                                         $    477  $    380
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Net loss per common share                          $  (0.02) $  (0.03)
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Statements of Total Return
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THREE MONTHS ENDED MARCH 31
(thousands)                                            2010      2009
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Net income                                         $    477  $    380
Unrealized gain (loss) on securities                    715      (403)
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Total return                                       $  1,192  $    (23)
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Balance Sheets
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(unaudited)
March 31,   December 31,
(thousands)                                             2010           2009
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Assets
Cash and equivalents                         $       4,827  $       4,605
Securities                                          42,400         42,240
Interest receivables and other                       1,250            572
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$      48,477  $      47,417
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Liabilities
Accounts payable and other provisions        $          57  $         189
Shareholders' Equity                                  48,420         47,228
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$      48,477  $      47,417
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March 31,   December 31,
(thousands, except per share amounts)                   2010           2009
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Shareholders' Equity                           $      48,420  $      47,228
Less: amounts attributable to preferred shares
Stated value                                       (42,160)       (42,160)
Unpaid dividends(1)                                (53,729)       (52,995)
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Common share deficit(2)                        $     (47,469) $     (47,927)
Per common share                             $       (4.34) $       (4.39)
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(1) Represents cumulative dividends in arrears on preferred shares that are
not recorded in the financial statements.
(2) The above table presents the common share deficit.

Contacts: West Street Capital Corporation Brian D. Lawson President [phone]