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CEO of Western Investment Company (TSXV:WI) comments on 2020 financial statements
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  • The Western Investment Company of Canada (WI) has released its financial statements for the fourth quarter and fiscal year-end
  • While the year was difficult for many companies, Western's portfolio saw strong growth and created new business opportunities for 2021
  • The Western Investment Company of Canada builds and maintains a portfolio of stable and profitable western Canadian companies
  • Western Investment Company of Canada (WI) is down 9.09 per cent and is trading at $0.25 per share

The Western Investment Company of Canada (WI) has released its financial statements for the fourth quarter and fiscal year-end.

The results included strong results from several of the company's portfolio companies.

Western Investment Company CEO Scott Tannas commented,

"The past year was a battle. It seemed every day brought new challenges and required skills and endurance beyond any previous measure.

"I'm pleased to report that WICC and its portfolio companies have come through intact and are ramping up for a strong 2021," he added.

Portfolio companies Fortress Insurance and Glass Masters ended the fourth quarter and fiscal year on a particularly high note, with Fortress doubling sales in Q4 compared to Q3 and Glass Masters realizing a substantial increase in EBITDA and net income over 2019 amounts.

Ocean Sales, a consumer goods company selling household products, saw a revenue decrease in 2020 that was largely a result of restrictions on larger events that limited tradeshow operations.

However, the company also saw new sales channels open up through online sales and big-box retailers.

A new CEO was hired at Foothills Creamery in order to rebalance the profit margins that saw a 25 per cent drop in 2020 despite sales finishing the year with a seven per cent increase over 2019.

“We will continue to focus our efforts on making sure that our portfolio of companies continue to accelerate sales and earnings throughout 2021. We remain confident in our resources and abilities to meet the challenges, and opportunities, ahead," said Mr. Tannas.

Fortress Insurance and Glass Masters are already showing promising momentum going into 2021, a trend that is expected to continue throughout the fiscal year.

Mr. Tannas concluded, "With that difficult period behind us, our team is focused on achieving a record year for sales and net income in 2021."

The Western Investment Company of Canada aims to create long-term wealth for shareholders by building and maintaining a portfolio of stable and profitable western Canadian companies and helping them to grow and prosper.

Western Investment Company of Canada (WI) is down 9.09 per cent and is trading at $0.25 per share as of 2:56 pm ET. 

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