Western Investment Company Files Q2 Financial Statements on SEDAR Reporting Net Income for Quarter on Par with 2019 at $355,000 and CEO Provides Update to Shareholders

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Files Q2 Financial Statements on SEDAR Reporting Net Income for Quarter on Par with 2019 at $355,000 and CEO Provides Update to ShareholdersHigh River, Alberta--(Newsfile Corp. - August 24, 2020) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its Q2 Financial Statements and MD&A on SEDAR.In a message to shareholders, WICC CEO Scott Tannas provided the following commentary: \"At the beginning of the second quarter, WICC and its partners were exclusively focused on making sure that each investee company had the resources to come through to the other side of the economic crisis. Whether it was cash, extra help at the executive level, or simply acting as a sounding board, we were there to support our management teams. Difficult decisions had to be made quickly. Creative ways of generating revenue were deployed. As we worked through the worst weeks of the pandemic, it was inspiring to watch our management teams provide calm and decisive leadership. By the end of Q2, it was clear to us that we had successfully steered through the worst of the pandemic. In fact, business momentum in June was such that we posted a net profit for the quarter roughly equal to 2019's second quarter result. In Q2, Fortress Insurance, GlassMasters, Foothills Creamery and Golden Healthcare each delivered net income to Western. Portfolio Report- GlassMasters has remained open for business in their locations and with their extensive mobile service fleet. At the onset of the pandemic, the workforce was quickly and significantly reduced to fit the volume of sales activity. Thanks to some smart and aggressive marketing, sales began to steadily rise week over week. By early June, most of the previously laid off staff members had been recalled to meet surging demand. With June 2020 same store sales exceeding prior year, the company has carried significant momentum into Q3.- Fortress Insurance continues to add new customers and premiums every month. The pace of growth continues to accelerate. The spring / summer hail season left us unscathed. The equity component of the investment portfolio at Fortress Insurance after initial impacts has performed well, with much of the investment losses incurred near the end of Q1 being recovered in Q2 as the market stabilized. We hav...

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