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Press release from CNW Group

WESTSHORE TERMINALS COMPLETES PLAN OF ARRANGEMENT

Friday, January 07, 2011

WESTSHORE TERMINALS COMPLETES PLAN OF ARRANGEMENT20:00 EST Friday, January 07, 2011VANCOUVER, Jan. 7 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE-UN) ("New Westshore") announces that it, and its wholly owned subsidiary Westshore Terminals Holdings Ltd. ("Holdings") have completed a plan of arrangement effective January 1st, 2011 (the "Plan") with the former Westshore Terminals Income Fund (the "Fund"). Pursuant to the Plan former holders of units ("Fund Units") of the Fund became holders of the shares of New Westshore and note receipts evidencing debt of Holdings (the "Note Receipts"), Holdings acquired all of the property, business and other assets of the Fund and the Fund was wound up.Each Note Receipt represents a note of Holdings in the amount of $5.00 which will mature on December 31, 2040. The shares and Note Receipts are separate instruments but are listed and trade together on the TSX as units under the symbol WTE.UN.Forward looking informationThis news release contains "forward-looking statements" and "forward-looking information" which may include, but is not limited to, the issuance of shares and debt to unitholders, the characteristics of the notes, and the benefits to be received by Unitholders. In making and providing the forward-looking information included in this news release, New Westshore and Holdings have made numerous assumptions, including (i) that unitholders will receive interest on the notes and dividends on the shares; and (ii) that there are no material unforeseen legislative changes affecting the shares or the notes. Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of New Westshore and Holdings and/or subsidiaries thereof to be materially different from anticipated results.  Forward-looking statements contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements making such forward-looking information are made, and New Westshore and Holdings disclaim any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.For further information: Nick Desmarais Secretary 604.488.5214