West Street Announces Third Quarter Results

   West Street Capital Corporation ("West Street" or the "company") (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for the three months ended September 30, 2010 of $0.7 million compared to $0.3 million for the same period in 2009. After providing for unpaid preferred share dividend obligations of $0.7 million (2009 - $0.7 million), net loss per common share was $nil compared with a net loss of $0.04 per common share during the same period in the prior year.

The total return to shareholders, including changes in the market value of the company's security portfolio, was $1.9 million for the three months ended September 30, 2010 (2009 - $2.3 million) which included net income of $0.7 million and other comprehensive income of $1.2 million. A total of $0.7 million accrued to the preferred shareholders through their cumulative dividend entitlement and as a result, the deficit attributable to the company's common shares decreased by $1.2 million to $47.7 million.

Interest, dividends and other income totalled $0.7 million for the three months ended September 30, 2010, in comparison to $0.4 million in the same period in 2009 and consisted principally of interest and dividends 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. Net income for the three months ended September 30, 2010 also included a disposition gain of $0.2 million (2009 - $nil).

                          Statements of Operations
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                                 Three months ended       Nine months ended
(Unaudited)                            September 30            September 30
(Thousands, except per share
 amounts)                          2010        2009        2010        2009
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Investment income             $     707   $     360   $   2,133   $   1,293
Operating expenses                  (20)        (24)        (89)       (131)
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Net income before investment
 gains (losses) and taxes           687         336       2,044       1,162
Investment gains (losses)           195           -         338        (393)
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Net income before taxes             882         336       2,382         769
Current taxes                      (175)        (76)       (538)       (331)
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Net income                    $     707   $     260   $   1,844   $     438
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Net loss per common share     $    0.00   $   (0.04)  $   (0.03)  $   (0.16)
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                         Statements of Total Return
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                                    Three months ended     Nine months ended
(Unaudited)                               September 30          September 30
(Thousands)                            2010       2009       2010       2009
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Net income                        $     707  $     260  $   1,844  $     438
Unrealized gain on securities         1,203      2,043        602      4,679
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Total return                      $   1,910  $   2,303  $   2,446  $   5,117
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                               Balance Sheets
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(unaudited)
                                              September 30,    December 31,
(Thousands)                                            2010            2009
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Assets
 Cash and equivalents                         $       5,796   $       4,605
 Securities                                          43,244          42,240
 Interest receivables and other                       1,049             572
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                                              $      50,089   $      47,417
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Liabilities
 Accounts payable and other provisions                  415   $         189
Shareholders' Equity                                 49,674          47,228
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                                              $      50,089   $      47,417
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(Thousands, except per share amounts)             September    December 31,
                                                   30, 2010            2009
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Shareholders' Equity                          $      49,674   $      47,228
Less: amounts attributable to preferred
 shares
 Stated value                                       (42,160)        (42,160)
 Unpaid dividends(1)                                (55,197)        (52,995)
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Common share deficit(2)                       $     (47,683)  $     (47,927)
 Per common share                             $       (4.36)  $       (4.39)
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(1)  Represents 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 Sachin G. Shah President [phone]