WSC West Street Capital Corp.

West Street Capital Corporation ("West Street" or the "company") (TSX VENTURE: WSC)(TSX VENTURE: WSC.PR.A) reported net income for the year ended December 31, 2008 of $1.6 million compared to $1.8 million in 2007. After providing for unpaid preferred share dividend obligations of $2.9 million (2007 - $2.9 million), the net loss per common share was $0.12 compared with a net loss of $0.10 per common share during the year ended December 31, 2007.

Dividends, interest and other income totalled $2.6 million for the year ended December 31, 2008, in comparison to $3.0 million in the same period in 2007 and consist principally of dividends and interest earned on the company's securities portfolio. The decrease in investment income is a result of lower interest rates and dividend income and decreased foreign exchange gains.

The company and its major shareholders 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          Years ended
                                           December 31          December 31
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(unaudited)
$thousands, except per share amounts     2008     2007        2008     2007
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Investment income
 Dividends, interest and other          $ 576    $ 669     $ 2,578  $ 3,019

Expenses
 Operating                                (90)     (17)       (205)    (227)
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                                          486      652       2,373    2,792
Investment losses                           -       (6)          -       (6)
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Net income before tax                     486      646       2,373    2,786
 Current tax expense                      (73)    (143)       (611)    (570)
 Future tax expense                         -     (353)       (137)    (375)
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Net income                              $ 413    $ 150     $ 1,625  $ 1,841
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Net loss per common share             $ (0.03) $ (0.05)    $ (0.12) $ (0.10)
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Balance Sheet
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As at December 31
$thousands, except per share amount                         2008       2007
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Assets
 Cash and equivalents                                   $ 16,805   $ 16,190
 Securities                                               25,392     30,460
 Interest receivable and other                               235        117
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                                                        $ 42,432   $ 46,767
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Liabilities
 Accounts payable and provisions                            $ 58      $ 532
Shareholders' equity(1)                                   42,374     46,235
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                                                        $ 42,432   $ 46,767
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Attributable to each Class E
 Preferred Share, Series 1(1)                            $ 25.25    $ 27.55
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(1) Shareholders' Equity
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                                                                        Per
As at December 31, 2008                                    Total  Preferred
$thousands, except per share amounts                                  Share
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Shareholders' equity                                    $ 42,374    $ 25.25
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Less amounts attributed to preferred shares
 Redemption value                                         41,887      24.96
 Unaccrued dividends in arrears                           50,560      30.12
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                                                          92,447      55.08
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Common share deficit                                   $ (50,073)  $ (29.83)
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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.

Note: This news release contains "forward-looking information" within the meaning of Canadian provincial securities laws and regulations. Expressions of future or conditional verbs such as "would" are predictions of or indicate future events, trends or prospects and which do not relate to historical matters or identify forward-looking information. Forward-looking information in this news release includes statements with regard to providing liquidity to the company's preferred shareholders and simplification of the company's capital structure.

Although the company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking information and statements because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking information and statements.

Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking information and statements include: the behavior of financial markets, including fluctuations in interest and exchange rates, availability of equity and debt financing and other risks and factors detailed from time to time in the company's other documents filed with the Canadian securities regulators.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to the company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that may be as a result of new information, future events or otherwise.

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