Western Investment Company Files Q1 Financial Statements on SEDAR Including Non-Cash Write-Down of Goodwill. CEO Provides COVID-19 Update to Shareholders

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Files Q1 Financial Statements on SEDAR Including Non-Cash Write-Down of Goodwill. CEO Provides COVID-19 Update to ShareholdersHigh River, Alberta--(Newsfile Corp. - May 29, 2020) -  The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its Q1 Financial Statements and MD&A on SEDAR.In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: \"As we continue to navigate our way through this severely depressed economy, WICC and its partners have been focused on making sure that each investee company has the resources to come through to the other side of this crisis. While we remain confident all our companies will thrive as things normalize, damage has been done that will take time to repair. That said, we have five strong companies with talented management teams and we are inspired by their passion and energy in confronting their unique business issues. - Throughout the crisis, GlassMasters has remained open for business in their locations and with their extensive mobile service fleet. In the early weeks, the workforce was significantly reduced to fit the volume of sales activity. Since the end of Q1, sales have steadily risen week over week, and many previously laid off staff members have been recalled to meet surging demand. - After a very strong January and February, Ocean Sales has suffered a significant reduction in revenue during the COVID-19 crisis. Together with management, we have put in place a plan that will see the company scale back its operations and temporarily focus all efforts on sales through the internet, while waiting for its traditional channels of sales to re-open. So far, the online sales results have been very encouraging, and it is clear there is a virtual market for Ocean Sales' lineup of household consumer products. This is an important channel that Ocean Sales will continue to develop into the future. However, the resiliency of the exhibition and show industry in a post COVID-19 environment is in question. At best it will be many months before Ocean Sales will resume selling through that channel. This uncertainty caused us to reflect on the carrying value of the company - specifically the goodwill and intangible assets. We have determined that the goodwill value of the company has s...

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