Westshore Terminals Income Fund - Q3 DISTRIBUTION AND FUND RESTRUCTURING ANNOUNCEMENTS

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n\n Sep. 14, 2010 (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\nVANCOUVER, Sept. 14 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN) (the "Fund") announced today that a cash distribution of $34,155,007 (representing $0.46 per trust unit) will be paid on or before October 15, 2010 to unitholders of record at September 30, 2010 as compared to $23,760,005 (representing $0.32 per trust unit) for the same period in 2009. $0.38 per unit of the Q3 distribution is derived from the results from operations of Westshore Terminals Limited Partnership ("Westshore") in the current period, and $0.08 per unit comes from Westshore's cash reserves.\nFor the third quarter of 2010, Westshore anticipates that its tonnage throughput will be approximately 6.3 million tonnes as compared to 5.4 million tonnes for the same period in 2009. Tonnage throughput to September 30, 2010 is anticipated to be approximately 18.5 million tonnes compared to 14.9 million tonnes over the same period in 2009.\nBased on estimates provided periodically to Westshore by its customers, Westshore anticipates that total throughput for 2010 should be in excess of its previous 23.5 million tonnes record set in 1997, as compared to the 20.1 million tonnes shipped in 2009.\nThe Trustees have approved a process for conversion of the Fund to a corporation effective January 1, 2011. A Special Meeting of Unitholders has been called for November 4, 2010 to consider and vote on the proposal. Under the proposal ...

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