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Jan. 7, 2011 (Canada NewsWire Group) --
VANCOUVER, 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 information
This 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.
Nick Desmarais
Secretary
604.488.5214