World Point enters into amalgamation agreement

TSX:WPO

MONTREAL, May 13 /CNW/ - World Point Terminals Inc., ("World Point" or the "Company") announced today that it has entered into an amalgamation agreement with World Point Inc. ("WPI") which will give effect to the amalgamation which is a necessary step in the proposed going private transaction announced on April 9, 2010. Pursuant to the going private transaction World Point Holdings, Inc. ("Holdings"), an entity controlled by the Novelly family, would, through a series of transactions, acquire all of the issued and outstanding common shares in the capital of the Company. Pursuant to the proposed transaction shareholders of the Company who are not also shareholders of Holdings would receive US$19.90 in cash for each World Point common share.

The proposed transaction has been structured as an amalgamation of WPI, a wholly-owned subsidiary of Holdings with the Company under the laws of the Province of Nova Scotia. Upon the completion of the amalgamation, shareholders of the Company (other than WPI) would be entitled to receive one redeemable preferred share of the amalgamated company for each share of the Company. Each redeemable preferred share would be immediately redeemed for US$19.90 in cash. The redemption price will be reduced by any dividends paid by the Company between May 13, 2010 and the completion of the transaction.

The proposed transaction is subject to a number of conditions including the receipt of shareholder approval. A special meeting of shareholders of the Company will be held on June 10, 2010 at which the proposed transaction will be considered. Meeting materials in respect of such meeting will be distributed on or about May 18, 2010.

Additional Information

Additional information relating to the Company, including a copy of the Company's Annual Information Form, is available on SEDAR at www.sedar.com. The company maintains an informational website at www.wpo.ca.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition to exist or occur. Since forward-looking statements, by their very nature, involve inherent risks and uncertainties, actual results in the future could differ materially from those currently anticipated in such statements by reason of factors including, but not limited to, changes in economic and market conditions and changes in world political stability. World Point Terminals Inc. will not update or revise forward-looking statements for new information, future events, or otherwise.

For further information: please contact Bernard A. Roy at [phone]