TORONTO, ONTARIO -- (Marketwire) -- 11/27/09 -- 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, 2009 of $0.3 million, compared with $0.5 million reported during the same period in 2008. The decrease is primarily the result of lower interest rates on floating rate investments. After providing for unpaid preferred share dividend obligations of $0.7 million that accumulated during the three month period, the net loss was $0.04 per common share, compared to a net loss of $0.03 per common share during the three months ended September 30, 2008.

The company classifies investments within its securities portfolio as available-for-sale financial instruments and accordingly records changes in the market value of these investments in other comprehensive income. During the three months ended September 30, 2009, unrealized gains recorded in other comprehensive income were $2.0 million after tax, compared with unrealized losses of $2.1 million in the same period in the prior year. As a result, the net book value attributed to the preferred shares increased to $47.5 million or $28.29 per preferred share compared to $42.4 million or $25.25 per preferred shares at December 31, 2008.

Update on Preferred Share Acquisition

On August 11, 2009, the company's major shareholder, Brookfield Asset Management Inc., ("Brookfield"), acquired 103,117 Class E Preferred Shares, Series 1 of the company (the "Preferred Shares") at a price of $37.50 for each Preferred Share pursuant to an offer to all holders of Preferred Shares. The acquisition represented 86.5% of the Preferred Shares not already held by Brookfield, increasing Brookfield's ownership of the Preferred Shares to approximately 99%. On September 28, 2009, the company's shareholders approved the amalgamation of West Street with a wholly owned subsidiary of Brookfield. The amalgamation was completed on October 1, 2009, and as a result, Brookfield owns beneficially all of the preferred shares which were delisted from the TSX venture exchange on October 6, 2009.

Statements of Operations

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                              Three months ended        Nine months ended
(unaudited)                         Sept. 30                  Sept 30
 $thousands, except per share
 amounts                          2009      2008           2009      2008
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 Investment income            $    360  $    643        $ 1,293  $  2,002
 Operating and legal expenses      (24)      (20)          (131)     (115)
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 Net income before investment
  losses and taxes                 336       623          1,162     1,887
 Investment losses                   -         -           (393)        -
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 Net income before tax             336       623            769     1,887
 Current tax expense               (76)     (157)          (331)     (538)
 Future tax expense                  -         -              -      (137)
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 Net income                   $    260  $    466       $    438  $  1,212
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 Net loss per common share     $ (0.04) $  (0.03)       $ (0.16) $  (0.09)
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 Balance Sheets
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                                              (unaudited)
 $thousands, except per share               September 30,     December 31,
 amounts                                            2009             2008
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 Assets
  Cash and cash equivalents                    $  20,479         $ 16,805
  Securities                                      26,604           25,392
  Interest receivable and
   other                                             408              235
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                                               $  47,491         $ 42,432
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 Liabilities
   Accounts payable and
    provisions                                 $       -         $     58
 Shareholders' equity(1)                          47,491           42,374
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                                               $  47,491         $ 42,432
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 Attributable to each Class E Preferred
 Share, Series 1(1)                            $   28.29         $  25.25
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 1) Shareholders' Equity
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                                                                       Per
    $thousands, except per                  September 30         Preferred
     share amounts                                  2009             Share
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    Shareholders' equity                       $  47,491          $  28.29
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    Less amounts attributed to
     preferred shares
     Redemption value                             41,887             24.96
     Unaccrued dividends
      in arrears                                  52,026             30.99
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                                                  93,913             55.95
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    Common share deficit                       $ (46,422)       $   (27.66)
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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.
    Based on 1,678,465 preferred shares currently issued and outstanding.