West Street Announces 2007 Second Quarter Results

West Street Capital Corporation (TSX VENTURE:WSC)(TSX VENTURE:WSC.PR.A) ("West
Street" or the "company") reported net income before taxes for the three months
ended June 30, 2007 of $594 thousand, compared to $678 thousand during the same
period in 2006. After providing for unpaid preferred share dividend obligations
that accumulated during the three months ended June 30, 2007, the net loss per
common share was $0.01, compared with a net loss of $nil per common share during
the same period last year.


Dividends, interest and other income totalled $837 thousand for the three months
ended June 30, 2007, which increased by $179 thousand over the prior year and
consists principally of dividends and interest earned on the company's
securities portfolio.




Statement of Operations
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                                Three months ended        Six months ended
                                      June 30                  June 30
(unaudited)
$thousands, except per share
 amounts                         2007         2006     2007           2006
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Investment income and other  $    837       $  658 $  1,432       $  1,230
Operating and legal expenses      118           70      182            153
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Net income before investment
 gains                            719          588    1,250          1,077
Investment gains                    -          138        -            317
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Net income before taxes           719          726    1,250          1,394
Income tax expense                125           48       97            185
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Net income                   $    594       $  678 $  1,153       $  1,209
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Net loss per common share     $ (0.01)      $    - $  (0.03)       $ (0.02)
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Balance Sheet
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                                              (unaudited)
$thousands, except per share amount        June 30, 2007  December 31 2006
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Assets
 Cash and equivalents                       $     11,601      $     10,518
 Securities(1)                                    35,336            33,421
 Interest receivable and other                       227               258
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                                            $     47,164      $     44,197
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Liabilities
 Accounts payable and provisions            $        258      $        239
Shareholders' equity(3)                           46,906            43,958
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                                            $     47,164      $     44,197
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Attributable to each Class A Preferred
 Share, Series E(3)                         $      28.00      $      26.24
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(1) The carrying value of securities as at December 31, 2006 was based on
    historical book value. As a result of the change in accounting
    standards which took affect January 1, 2007, securities are carried at
    market value in the company's financial statements as at June 30, 2007.
(2) No carrying value has been assigned to $287.3 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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                                                  June 30    Per Preferred
$thousands, except per share amounts                 2007            Share
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Book value of net assets and liabilities       $   46,906  $         28.00
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Less amounts attributed to preferred shares
 Redemption value                                  41,887            25.00
 Unaccrued dividends in arrears                    46,162            27.56
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                                                   88,049            52.56
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Common share deficit                           $  (41,143) $        (24.56)
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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.
West Street Capital Corp. (TSXV:WSC)
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