High River, Alberta--(Newsfile Corp. - January 6, 2020) - The Western Investment Company of Canada Limited (TSXV: WI) ("WICC") 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 Private Equity 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 Private Equity, and are excited about the future for this company. On behalf 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 Private Equity 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.
About The Western Investment Company of Canada Limited
WICC 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
stannas@winv.ca
Advisory
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future plans, acquisitions, financings and returns. 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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