High River, Alberta – The Western Investment Company of Canada Limited (“WICC”) (TSXV:WI) announced today that it has purchased an additional 11.25% of GlassMasters ARG Autoglass Two Inc. (“GlassMasters“) from a company controlled by its founder and former CEO, Miles Palmer. In a concurrent transaction, GlassMasters co-investor ATB Financial has also purchased an equivalent amount of shares, thereby facilitating the exit of Mr. Palmer from GlassMasters ownership, governance and management.
In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: “We are happy to increase our ownership in GlassMasters alongside our partners at ATB Financial, and are excited about the future for this company. On behalf of the Board and employees of GlassMasters, I want to thank company founder Miles for his visionary leadership. We have completed a smooth transition over the past number of months, with leadership succession coming from within. Newly promoted General Manager Roger Tulk and his management team are in full operating control of the business.”
The combined purchase price paid by Western and ATB Financial to acquire the remaining shares of GlassMasters, owned by a company controlled by Milles Palmer, totaled $1.2 million. As a result, WICC now owns 61.35% of the common shares of Glassmasters.
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.
The Western Investment Company of Canada Limited
President and Chief Executive Officer
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