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Press release from CNW Group


Tuesday, March 15, 2011

WESTSHORE ANNOUNCES Q1 2011 DISTRIBUTION AND FURTHER CAPITAL EXPANSION20:00 EDT Tuesday, March 15, 2011VANCOUVER, March 15 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE.UN) (the "Corporation") and Westshore Terminals Holdings Ltd. ("Holdings") announced today that a payment of $20,140,315 (representing $0.271 per unit) will be paid on or before April 15, 2011 to holders of record of units on March 31, 2011 as compared to a distribution of $31,185,007 from Westshore Terminals Income Fund (representing $0.42 per fund unit) for the same period in 2010.  $0.140 per unit of the Q1 2011 distribution is a dividend on the shares of the Corporation, and the remaining $0.131 per unit is interest on the $5.00 Notes issued by Holdings bearing interest at 10.5% per annum.Distributions for 2011 are not strictly comparable to those paid in 2010 when the structure of the entity was an income fund, rather than the corporate form, and no income taxes were paid at the fund level. In 2010, distributions were also increased by payments of cash reserves and no such additional cash payments are contemplated for 2011. For the two months ended February 28, 2011, Westshore loaded 3.9 million tonnes as compared to 4.0 million tonnes for the same period in 2010.  Based on the information currently available, Westshore anticipates volumes in 2011 will be in excess of the 24.7 million tonnes shipped in 2010.The Corporation also announced today that it will be proceeding with a further capital upgrade to the site involving the change out of the existing single dumper with a double dumper together with related equipment improvements.  The anticipated costs for this project will be approximately $43 million (to be financed by bank debt) and will take until the end of 2012 to complete. Once complete, it is anticipated that the rated terminal throughput capacity will be approximately 33 million tonnes, up from the current capacity levels of approximately 28-29 million tonnes. The project is subject to certain required permit approvals being received.For further information: Nick Desmarais Secretary (604) 488-5214