WESTSHORE ANNOUNCES Q1 2011 DISTRIBUTION AND FURTHER CAPITAL EXPANSION

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n Mar. 15, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, March 15 /CNW/ - Westshore Terminals Investment Corporation\n (TSX: WTE.UN) (the "Corporation") and Westshore Terminals Holdings Ltd.\n ("Holdings") announced today that a payment of $20,140,315\n (representing $0.271 per unit) will be paid on or before April 15, 2011\n to holders of record of units on March 31, 2011 as compared to a\n distribution of $31,185,007 from Westshore Terminals Income Fund\n (representing $0.42 per fund unit) for the same period in 2010.  $0.140\n per unit of the Q1 2011 distribution is a dividend on the shares of the\n Corporation, and the remaining $0.131 per unit is interest on the $5.00\n Notes issued by Holdings bearing interest at 10.5% per annum.\n\n\nDistributions for 2011 are not strictly comparable to those paid in 2010\n when the structure of the entity was an income fund, rather than the\n corporate form, and no income taxes were paid at the fund level. In\n 2010, distributions were also increased by payments of cash reserves\n and no such additional cash payments are contemplated for 2011. \n\n\nFor the two months ended February 28, 2011, Westshore loaded 3.9 million\n tonnes as compared to 4.0 million tonnes for the same period in 2010. \n Based on the information currently available, Westshore anticipates\n volumes in 2011 will be in excess of the 24.7 million tonnes shipped in\n 2010.\n\n\nThe Corporation al...

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