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 September 30, 2008 of $0.5 million compared to $0.5 million in the same period at 2007. After providing for unpaid preferred share dividend obligations of $0.7 million that accumulated during each three month period, the net loss per common share was $0.03 compared with a net loss of $0.02 per common share during the three months ended September 30, 2007.

Dividends, interest and other income totalled $0.6 million for the three months ended September 30, 2008, in comparison to $0.9 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.

Statement of Operations
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                                Three months ended       Nine months ended
                                      September 30            September 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  $  643      $  918    $ 2,002      $ 2,350

Expenses
 Operating                          20          28        115          210
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Net income before tax              623         890      1,887        2,140

 Current tax expense               157         210        538          427
 Future tax expense                  -         142        137           22
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Net income                      $  466      $  538    $ 1,212      $ 1,691
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Net loss per common share       $(0.03)     $(0.02)   $ (0.09)     $ (0.05)
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Balance Sheet
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$thousands, except per                      (unaudited)
 share amount                       September 30, 2008   December 31, 2007
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Assets
  Cash and equivalents              $           17,042   $          16,190
  Securities                                    27,640              30,460
  Interest receivable and other                    323                 117
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                                    $           45,005   $          46,767
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Liabilities
  Accounts payable and provisions   $              388   $             532
Shareholders' equity(1)                         44,617              46,235
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                                    $           45,005   $          46,767
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Attributable to each Class E
 Preferred Share, Series 1(1)       $            26.58   $           27.55
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(1) Shareholders' Equity
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    $thousands, except per share          September 30       Per Preferred
      amounts                                     2008               Share
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    Shareholders' equity            $           44,617   $           26.58
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    Less amounts attributed to
     preferred shares
      Redemption value                          41,887               24.96
      Unaccrued dividends
       in arrears                               49,827               29.68
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                                                91,714               54.64
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    Common share deficit            $          (47,097)  $          (28.06)
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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