VANCOUVER, Feb. 8, 2013 /CNW/ - Westshore Terminals Investment
Corporation (TSX: WTE) (the "Corporation") advises today that
sufficient repairs to the damaged trestle at Berth 1 have been
completed to permit resumption of normal operations at Berth 1. Further
work to rebuild a permanent road way on the trestle should be completed
on or before the end of April. There were no environmental issues
arising from any of the clean-up or repair efforts. Berth 2 continued
operations in the ordinary course throughout this time.
Active efforts are underway to pursue recovery from the ship owner
and/or its insurance carriers for the Corporation's losses (currently
estimated to be approximately $50 million - representing both physical
property losses of roughly $20 million and business interruption losses
of roughly $30 million), but the ultimate amount to be recovered and
the time to do so are not known at this time. The Corporation is also
working with its insurance carriers to recover losses, net of
deductibles. The estimated loss amount reported today is not final and
is subject to change. Until such time as all repairs have been
completed and the terminal is operating normally, further adjustments
to the total loss amount is likely, although currently, not anticipated
to be material.
As the timing and ultimate recovery of the business interruption losses,
net of deductibles or otherwise (and repair costs) from the insurance
companies is unknown at this time, the Corporation will not pay
dividends based on assumed insurance recoveries. This will be assessed
once total losses are finalized and recovered.
The foregoing statements concerning anticipated timing and extent of
repairs, and cost recoveries, are forward-looking statements that
reflect the current expectations of the Corporation with respect to
future events and performance. Forward-looking statements should not
be read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether such performance or
results will be achieved.
Forward-looking statements are based on information available at the
time they are made, assumptions made by management, and management's
good faith belief with respect to future events, and will be impacted
by and are subject to the risks and uncertainties referred to above and
to other risks inherent in a project of the scale of the Berth 1
trestle repairs, as well as those outlined in the Corporation's Annual
Information Form that could cause actual performance or results to
differ materially from those reflected in the forward-looking
statements, historical results or current expectations.
SOURCE: Westshore Terminals Investment Corporation
