BEVERLY HILLS, Calif. June 15, 1999 (PRIMEZONE) -- Westminster Capital Inc., (AMEX: WI), building a portfolio of companies through opportunistic and value-added investments, announced today that its common stock has been accepted for listing on the American Stock Exchange (AMEX). The Company's stock, which will retain its "WI" symbol, will commence trading on the AMEX immediately. The Company will discontinue its dual listing on the OTC Bulletin Board (OTC BB: WMCP) and on the Pacific Stock Exchange (PCX: WI)
"The AMEX listing represents a significant step forward in increasing our Company's profile on the Street while providing a more efficient and liquid trading environment for our shareholders and potential investors," said William Belzberg, Westminster's Chairman and CEO. "As we continue to execute our strategy of building value in those entities that we believe have the best potential to benefit from our financial backing and managerial expertise, the AMEX listing should provide us access to a much broader base of investors," Belzberg added.
Westminster Capital's operations include, Westland Associates Inc., a group purchasing service for new-car dealerships, Global Telecommunications, a telephone service to military personnel on U.S. Navy bases, and One Source Industries, a provider of packaging and point-of-display materials. The Company also engages in certain lending activities, including origination and purchasing loans, as well as investing in securities which principally consists of U.S. Government securities and to a limited extent other equity based securities.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of the historical information, the matters discussed above include forward- looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Act of 1934, as amended. Forward-looking statements include, but are not limited to, Westminster's goals and ultimate objectives of being listed on the AMEX. All forward-looking statements are necessarily speculative and readers are advised not to place undue reliance on any such forward-looking statements which speak only as of the date made. Actual results could vary materially from those anticipated for a variety of reasons, including, the "Factors That May Affect Future Results" set forth in the Company's annual report on Form 10-K for the year ended December 31, 1998, which readers are advised to review in connection with this news release and may be obtained from Westminster's investor relations department. Westminster expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statement herein or to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.