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 three months ended March 31, 2009 of $0.4 million, consistent with $0.4 million reported during the same period in 2008. Investment income decreased by $0.2 million from the same period in 2008 to $0.5 million for the three months ended March 31, 2009, and consists principally of dividends and interest earned on the company's securities portfolio. The decrease in investment income is a result of lower interest rates on the company's securities portfolio. After providing for unpaid preferred share dividend obligations of $0.7 million that accumulated during three month period, the net loss was $0.03 per common share, compared to a net loss of $0.03 per common share during the three months ended March 31, 2008.

The company classified 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 March 31, 2009, unrealized losses recorded in other comprehensive income were $0.4 million after tax, consistent with the prior year and offset the net income recorded during the period. Accordingly, the net book value attributed to the preferred shares was unchanged at $42.4 million or $25.23 per preferred share.

The company's major shareholder, Brookfield Asset Management Inc., ("Brookfield") intends to make a formal offer to purchase any Class E Preferred Shares, Series 1 of the company (the "Preferred Shares") that Brookfield does not currently own at a price of $35.00 for each Preferred Share. The company's Board of Directors has established a committee of Independent Directors to review the offer and the offer will include an independent valuation of the Preferred Shares.

Statements of Operations
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(unaudited)                                     Three months ended March 31
$thousands, except per share amounts                        2009       2008
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Investment income                                        $   521    $   690
Operating and legal expenses                                  35         25
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Net income before tax                                        486        665
Current tax expense                                          106        226
Future tax expense                                             -         85
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Net income                                               $   380    $   354
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Net loss per common share                                $ (0.03)   $ (0.03)
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Balance Sheets
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                                             (unaudited)
$thousands, except per share amounts     March 31, 2009   December 31, 2008
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Assets
 Cash and equivalents                         $  17,165           $  16,805
 Securities                                      25,088              25,392
 Interest receivable and other                      181                 235
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                                              $  42,434           $  42,432
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Liabilities
 Accounts payable and provisions              $      83           $      58
Shareholders' equity(1)                          42,351              42,374
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                                              $  42,434           $  42,432
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Attributable to each Class E Preferred
 Share, Series 1(1)                           $   25.23           $   25.25
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(1) Shareholders' Equity
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                                               March 31       Per Preferred
    $thousands, except per share amounts           2009               Share
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    Shareholders' equity                      $  42,351           $   25.23
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    Less amounts attributed to preferred
     shares
     Redemption value                            41,887               24.96
     Unaccrued dividends in arrears              51,293               30.56
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                                                 93,180               55.52
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    Common share deficit                      $ (50,829)          $  (30.29)
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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, the word "intends" and other expressions that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identifying forward-looking information. Expressions of future or conditional verbs such as "will" 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 the company's major shareholder's intention to make a formal offer to purchase any Preferred Shares of the company that it does not currently own, and the independent valuation of the Preferred Shares included in the offer.

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