TORONTO, ONTARIO--(Marketwire - March 23, 2012) - Wilmington Capital Management Inc. (TSX:WCM.A)(TSX:WCM.B) today announced a net loss for the three months ended December 31, 2011 of $485,000 or ($0.06) compared to a net income of $70,000 or $0.01 for the same period in 2010. For the year ended December 31, 2011, net income amounted to $19.7 million or $2.43 per share compared to a net income of $37,000 or $0.00 per share for the same period in 2010.

In 2011, Wilmington completed its strategic plan and took comprehensive steps to broaden its investment strategy to include selective investments in the energy as well as the real estate sectors. The Corporation's principal objective will continue to focus on investments capable of generating appreciation in value as opposed to current income and on maximizing shareholder returns by investing its own capital alongside partners and co-investors in hard assets and private equity fund. These assets will be managed through existing operating platforms where the Corporation can add scale and improve valuations.

On January 7, 2011, British Columbia Investment Management Corporation ("bcIMC") purchased all of the issued and outstanding shares in Parkbridge at a price of $7.30 per common share. Pursuant to this transaction, Wilmington received $40.6 million in gross proceeds, realized a pre-tax gain of $23.6 million and repaid its loan payable secured by the Parkbridge shares of $14.6 million.

In February 2011, Wilmington acquired a 46.15% indirect interest in a portfolio of five self-storage facilities and two development properties through its interest in Real Storage Private Trust (the "Trust"). The five operating facilities are in the initial lease up stage and are expected to reach stabilized occupancy and cash flow in 2012. Wilmington's share of the cash consideration required to complete this transaction totaled $4.125 million and consisted of a $2.5 million subscription for additional equity in the Trust and a $1.625 million bridge loan advanced to the Trust. The bridge loan was due on demand and bore interest at 7% per annum. During the second quarter, the bridge loan and accrued interest were repaid with proceeds from the sale of one of the Trust's development properties. The Trust now owns 17 self-storage facilities comprising 645,978 square feet of rentable area and one development property.

On August 17, 2011, the Corporation acquired 50% of the issued and outstanding voting shares in Network Capital Management Inc. ("NCI") for consideration consisting of 589,673 Class A shares issued by the Corporation. NCI is an investment company focused on private equity having a mandate to identify and invest in early stage opportunities in energy, energy services, real estate and special situations. Pursuant to the transaction, the vendor retains control of day to day operations for a period of two years. During the year ended December 31, 2011, the Corporation loaned $50,000 to NCI by way of a non interest bearing promissory notes for working capital purposes. The loan is due on demand.

On October 26, 2011, the Corporation, through the Shackleton Partnership, acquired a 100% working interest in certain natural gas producing and processing assets in the Shackleton Field in Saskatchewan. The aggregate cost of the acquisition including closing costs, amounted to approximately $19 million and was funded by a combination of cash and debt. Wilmington's share of the cash consideration to complete the acquisition was $6.215 million which was funded by providing cash for subscription units in the Shackleton Partnership. The Corporation's effective interest in the Shackleton Partnership is 59%. The remaining 41% indirect interest was acquired by four other investors in equal amounts and their share of the cash consideration to complete the acquisition was $4.285 million which was funded by providing cash for subscription units in the Shackleton Partnership. In connection with the acquisition, the Shackleton Partnership also entered into a credit facility with a Canadian bank in the amount of $9 million of which $8.5 million was drawn to fund the acquisition. The credit facility is secured by the assets. The assets are being professionally managed by Airwell Services Ltd. (the "Operator"), an entity whose purpose is to provide management services to the Shackleton Partnership. Wilmington has a 51% direct interest in the Operator. The remaining 49% interest is held by another entity with over 30 years of oil and gas field operations experience.

Wilmington also owns land leased to commercial property owners which is located at 370 Third Street in San Francisco, California. During the fourth quarter of 2010, Wilmington reorganized its investment in this property and entered into a new secured credit facility on which $1.6 million net is drawn, bears interest at 4% per annum and is repayable on January 1, 2013. At maturity this credit facility is payable, at the borrower's discretion, in cash or in shares of the Corporation's wholly owned subsidiary which owns the property.

Beginning January 1, 2011, the Corporation has prepared its financial statements in accordance with IFRS. Accordingly, certain adjustments were made to comply with IFRS for the current and comparable periods.

2012 OUTLOOK

In 2011, the Corporation took significant steps to put in place the foundation for achieving future growth by investing in three operating platforms - the Trust, NCI and the Shackleton Partnership. In 2012 and in the years ahead, the Corporation expects to add scale to these operating platforms, improve valuations and earn attractive cash flow and total returns for shareholders.

Executive Officers of the Corporation will be available at 403-800-0869 to answer any questions on the Corporation's financial results.

This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Corporation's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

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