Western Investment Company of Canada Provides Update on the Filing of its 2022 Annual Financial Statements

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company of Canada Provides Update on the Filing of its 2022 Annual Financial StatementsHigh River, Alberta--(Newsfile Corp. - May 15, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) (\"Western\" or the \"Company\") announced today that there will be a continued delay on the filing of its annual financial statements, accompanying management's discussion and analysis and related chief executive officer (\"CEO\") and chief financial officer (\"CFO\") certifications for the financial year ended December 31, 2022 (collectively, the \"Annual Filings\"). This in an update to the news release released on April 28, 2023.The delay at Western is related to a concurrent delay in the reporting of year end statements of Foothills Creamery Ltd. (\"Foothills\"), one of Western's investee companies. Western notes that Ernst & Young LLP (\"EY\") are auditors for both Western and Foothills, and that 2022 is EY's first year on the file. They have determined a need for extra testing and analysis at Foothills. Western is working closely with its auditor, and its associate Foothills, and is making every effort to submit the Annual Filings in a timely fashion. Based on discussion with the auditor, Western expects the audit work to be completed in the coming days. Should Western not file within a week, Western will provide another update to shareholders on May 23, 2023.Western CEO Scott Tannas made the following statement, \"We support Foothills management as they continue to work with the auditors to complete the 2022 audit, and ensure that Foothills financial statements are accurate in all respects.\" The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (\"NP 12-203\"). The Company has obtained from the Alberta Securities Commission, as principal regulator of the Company, a management cease trade order (\"MCTO\") under NP 12-203 in respect of the default regarding the Annual Filings. The MCTO prohibits the CEO and the CFO from trading in securities of Western for so long as the Annual Filings are not filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company's securities. The Company confirms that it intends to satisfy the provisions of the alternative informa...

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