WSC West Street Capital Corp.

West Street Capital Corporation ("West Street" or the "company") (TSX: WSC)(TSX: WSC.PR.A) reported net income for the three months ended June 30, 2008 of $0.4 million compared to $0.6 million in the same period at 2007. After providing for unpaid preferred share dividend obligations that accumulated during the three months ended June 30, 2008, the net loss per common share was $0.03 compared with a net loss of $0.01 per common share during the three months ended June 30, 2007.

Dividends, interest and other income totalled $0.7 million for the three months ended June 30, 2008, in comparison to $0.8 million in the same period in 2007 and consists principally of dividends and interest earned on the company's securities portfolio.

The company and its major shareholder are considering alternatives that would be intended to provide liquidity to preferred shareholders and simplify the company's capital structure. The company retained an independent advisor to consider these alternatives, although there is no assurance that any actions will be taken in this regard.

Statement of Operations
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                                  Three months ended      Six months ended
                                          June 30               June 30
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(unaudited)
$thousands, except per share
 amounts                              2008      2007        2008      2007
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Investment income
 Dividends, interest and other  $      669    $  837  $    1,359  $  1,432

Expenses
 Operating                              70       118          95       182
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Net income before tax                  599       719       1,264     1,250

 Current tax                           155       145         381       217
 Future tax expense (recovery)          52       (20)        137      (120)
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Net income                      $      392    $  594  $      746  $  1,153
Cumulative preferred share
 dividends                            (733)     (733)     (1,466)   (1,466)
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Net loss for common
 shareholders                   $     (341)   $ (139) $     (720) $   (313)
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Net loss per common share          $ (0.03) $  (0.01) $    (0.06) $  (0.03)
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Balance Sheet
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                                             (unaudited)
$thousands, except per share amount       June 30, 2008  December 31, 2007
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Assets
 Cash and equivalents                      $     16,709   $         16,190
 Securities                                      29,595             30,460
 Interest receivable and other                      217                117
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                                           $     46,521   $         46,767
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Liabilities
 Accounts payable and provisions           $        308   $            532
Shareholders' equity(1)                          46,213             46,235
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                                           $     46,521   $         46,767
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Attributable to each Class E Preferred
 Share, Series 1(1)                        $      27.53   $          27.55
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1) Shareholders' Equity
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                                                June 30      Per Preferred
$thousands, except per share amounts               2008              Share
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Shareholders' equity                       $     46,213   $          27.53
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Less amounts attributed to preferred
 shares
 Redemption value                                41,887              24.96
 Unaccrued dividends in arrears                  49,094              29.24
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                                                 90,981              54.20
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Common share deficit                       $    (44,768)  $         (26.67)
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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.

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.

Contacts: West Street Capital Corporation Brian D. Lawson President (416) 359-8625