West Street Announces Second Quarter Results

   West Street Capital Corporation (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) ("West Street" or the "company") reported net income for the quarter ended June 30, 2011 of $1.4 million compared to $0.7 million in the comparative quarter in 2010. After providing for unpaid preferred share dividend obligations of $0.7 million (2010 - $0.7 million), net income per common share was $0.06 compared with a net loss of $0.01 per common share during the period ended June 30, 2010.

Dividends, interest and other income totalled $0.8 million for the period ended June 30, 2011, in comparison to $0.7 million in the same period in 2010 and consisted principally of dividends and interest earned on the company's securities portfolio. The increase in investment income is primarily the result of additional securities acquired during 2010 and 2011.

                          Statements of Operations
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                     Three months ended June 30     Six months ended June 30
(thousands, except
per share amounts)           2011         2010            2011         2010
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Investment income        $    818     $    730        $  1,627     $  1,426
Operating and legal
 expenses                      52           28              70           69
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Net income before
 investment gains
 and taxes                    766          702           1,557        1,357
Investment gains              439          143             203          143
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Net income before
 taxes                      1,205          845           1,760        1,500
Current taxes                (173)        (185)           (510)        (363)
Future taxes                  353            -             758            -
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Net income               $  1,385     $    660        $  2,008     $  1,137
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Net income (loss)
 per common share        $   0.06     $  (0.01)       $   0.05     $  (0.03)
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The company recorded comprehensive income for the quarter ended June 30,
2011 of $3.7 million compared to a comprehensive loss of $0.7 million in the
comparative period in 2010, which accrued to the preferred shares and
reduced the common share deficit to $32.4 million.


                               Balance Sheets
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(unaudited)                                June 30,            December 31,
(thousands)                                    2011                    2010
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Assets
  Cash and equivalents                    $   4,520             $     5,592
  Securities                                 62,583                  54,274
  Interest receivable and other                 586                   1,147
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                                          $  67,689             $    61,013
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Liabilities
  Accounts payable and other provisions   $     509             $       572
Shareholders' equity                         67,180                  60,441
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                                          $  67,689             $    61,013
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                                           June 30,            December 31,
(thousands, except per share amounts)          2011                    2010
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Shareholders' equity                      $  67,180             $    60,441
Less: amounts attributable to preferred
 shares
  Stated value                              (42,160)                (42,160)
  Unpaid dividends(1)                       (57,400)                (55,932)
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Common share deficit(2)                   $ (32,380)            $   (37,651)
  Per common share                        $   (2.96)            $     (3.45)
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(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 [phone]