World Point Terminals Inc. announces private placement of common shares to St. Albans Global Management, LLLP and purchase of petroleum storage assets in Weirton, WV



    TORONTO, June 17 /CNW/ - World Point Terminals Inc., a TSX-listed owner
and operator of liquid bulk storage and terminal facilities in the United
States and the Bahamas ("World Point"), today announced the completion of a
private placement of 1,000,000 common shares of World Point to St. Albans
Global Management, LLLP, 8235 Forsyth Blvd., Suite 400, St. Louis, Missouri
63105, a management consulting firm concentrating in the petroleum industry
("St. Albans") at a price of Cdn$10.50 per share. Paul A. Novelly, Chairman of
the Board of Directors of World Point is also the chief executive officer of
St. Albans. The newly issued shares have been conditionally approved for
listing on the TSX and represent approximately 4% of World Point's outstanding
common shares. This transaction brings the total number of common shares of
World Point held by St. Albans to 12,154,102, representing 48.4% of World
Point's outstanding common shares (including 100,000 common share purchase
options which Mr. Novelly owns directly), compared with 46% before the
transaction. Other than Mr. Novelly's possible exercise of options, neither
St. Albans nor Mr. Novelly has any present intention to acquire additional
common shares of World Point. This private placement of common shares was
completed pursuant to available exemptions under applicable securities laws.
    World Point also announced that its wholly-owned subsidiary, Center Point
Terminal Company (with World Point, the "Company") has agreed to acquire a
bulk petroleum storage and terminal facility located in Weirton, West Virginia
in the United States. The Weirton terminal facility has a total of five
storage tanks with an approximate 680,000 barrel gross shell capacity,
handling both residual fuels and light oils. The Company will acquire the
Weirton terminal assets in a cash transaction for US$9,140,000 from Petroleum
Fuel & Terminal Company, a wholly-owned subsidiary of Apex Oil Company, Inc.
("Apex Oil"), based in St. Louis, Missouri. Mr. Novelly also is the CEO of
Apex Oil. The Company also announced it has agreed to acquire the
approximately 10.62 acres of real estate underlying the Weirton terminal
(currently leased) from ArcelorMittal Weirton Inc., an unrelated third party
for a cash purchase price of approximately US$743,000. The closing of the
Company's acquisition of the Weirton real estate and terminal assets is
expected to occur in the near future as soon as certain regulatory approvals
are obtained. The Company will use the proceeds of the St. Albans private
placement to fund most of the cost of acquiring the Weirton assets, in
combination with existing working capital.
    Mr. Novelly does not hold any common shares of World Point directly but
does hold 100,000 common share purchase options. The ownership of World Point
common shares by St. Albans and the relationships of St. Albans and Apex Oil
to Mr. Novelly have been previously disclosed in World Point's public filings
and in Mr. Novelly's insider reports.

    About St. Albans Global Management, LLLP

    St. Albans Global Management, LLLP is a partnership which operates a
management consulting firm concentrating in the petroleum industry and is
owned by trusts for the benefit of Mr. Novelly and his family. St. Albans head
office is located at 8235 Forsyth Blvd., Suite 400, St. Louis, Missouri 63105.





For further information:

For further information: James Sanders, counsel for St. Albans at (314)
889-0218

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WORLD POINT TERMINALS INC.

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