Western Investment Company of Canada Reports Improved Financial Result with Revenue Gains in 2022 and Expects Q1 2023 Results to be Released on May 26

High River, Alberta – The Western Investment Company of Canada Limited (“Western” or the “Company”) (TSXV:WI) announces that it has filed its 2022 year-end financial statements, MD&A, and annual information form on SEDAR.

WICC reported a $215,376 loss for 2022, an improvement from the 2021 loss of $707,244. Western also filed restated financial statements for the years-ended December 31, 2021 and 2020. The restatement accounted for prior year errors discovered during the audit including an overstatement of the deferred tax asset at Ocean Sales which reduced our investment in associates and retained earnings. This resulted in a decrease of our investment in Ocean Sales to nil, with no equity income or loss recognized in 2020 and 2021. The restatement also included a milk rebate overpayment at Foothills Creamery reducing our 2020 equity income by $148,779. Please see note 4 to the restated financial statements, for further details.

In a message to shareholders, Western CEO Scott Tannas said:

“Sales at Fortress, Ocean Sales and GlassMasters grew significantly in 2022. Overall sales at our portfolio companies topped $95 million on a combined basis, compared to $91 million in 2021. The big challenge in the year was input cost inflation and investment market conditions at Fortress, which masked the progress they made toward long term profitability there. Western is experiencing a better 2023 which is expected to be evidenced in the Q1 2023 results which will be released shortly.

Portfolio Report

Fortress Insurance Company tripled its gross premiums written over 2021, finishing at $17 million. The claims ratio for 2022 at 41% remains below the industry average. Shafeen Mawani and his team have brought Fortress to profitability in underwriting and operations, and investment income is expected to improve in 2023 after last year’s mark to market losses. 2023 sales growth targets would see Fortress reach $24 million, and reflects how our nimble, innovative insurance company is on track.

GlassMasters Autoglass posted record sales, profit and cashflow in 2022. Roger Tulk and his team made some smart inventory buying decisions that paid off handsomely as demand rose steadily throughout 2022. With an 18% same store sales increase, GlassMasters did the groundwork for expansion with three new stores and two wholesale locations coming online in 2023.

Ocean Sales revenues returned to pre-pandemic levels, with the return of exhibitions and consumer shows across North America. The online and home shopping sales channels ticked up. Ocean Sales’ longstanding partnership with a big box retailer remains a key component of sales, and a product refresh is underway which should boost sales in 2023.

– The lengthy and difficult unwinding of unprofitable butter contracts was (finally!) completed at Foothills Creamery, bringing revenue down to $35.2 million, from $42.6 million in the prior year. 2022 saw a new challenge of inflation, where costs of ingredients, cream in particular, rose at a pace that was impossible to price into its products. For much of the year, Foothills chased the cost of sales spiral at the expense of margins. By year end, prices had stabilized, and Q1 2023 results will show the progress Foothills has made.

– Despite rising costs and an increase in vacancies, Golden Health Care continues to provide a steady, but modest return to shareholders. Growth in market value of the Golden homes is where Western will earn its return on this investment.


With 2023’s stronger business environment, Western is on track. With three unstable years behind us, we’re determined to shift our focus to the insurance industry, a sweet spot for our Company’s leadership. I will continue the candid conversations with investors and other stakeholders and look forward to reporting on our progress,” Tannas concluded.

About The Western Investment Company of Canada

Western is a unique publicly traded, private equity company founded by a group of successful Western Canadian business people, and dedicated to building and maintaining ownership in successful Western Canadian companies, and helping them to grow. The company’s shares are traded on the TSX Venture Exchange under the symbol WI. For more information on the company, please visit its website at www.winv.ca.

Contact Information

The Western Investment Company of Canada Limited
Scott Tannas
President and Chief Executive Officer

(403) 652-2663


This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future plans, acquisitions, financings and earnings. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond Western’s control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Western’s disclosure documents on the SEDAR website at www.sedar.com. Any forward looking statements are made as of the date of this news release and Western does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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