Western Investment Company Reports Positive Net Income for Final Quarter of 2020 and Expects Fortress Insurance and GlassMasters to Be Key Drivers of Growth in 2021

About this update from Western Investment Company Of Canada Limited

[{"type":"text","content":"Western Investment Company Reports Positive Net Income for Final Quarter of 2020 and Expects Fortress Insurance and GlassMasters to Be Key Drivers of Growth in 2021High River, Alberta--(Newsfile Corp. - April 30, 2021) - The Western Investment Company of Canada Limited (TSXV: WI) (\"WICC\" or \"Western\") announces that it has filed its Q4 / year end financial statements and MD&A on SEDAR.WICC CEO, Scott Tannas provided the following commentary: \"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. While our 2020 year end results show a net loss of $3.615 million, the majority of this is a non - cash write down of goodwill taken during the turbulent and uncertain days at the onset of the pandemic. With that difficult period behind us, our team is focused on achieving a record year for sales and net income in 2021. Portfolio Report- The pace of growth at Fortress Insurance continued in Q4, more than doubling the insurance premiums realized in Q3. Our early 2021 sales continue to mount at a similar rate. Our little insurance company continues to grow its policies and premiums with a network of strong western Canadian broker partners. In addition, Fortress recently added a new partnership with a global reinsurer that will further fuel growth in the coming months. The insurance market in Canada continues to provide favourable opportunities for nimble, innovative companies like Fortress. -The team at GlassMasters finished 2020 with a very strong result, increasing EBITDA and net income substantially over 2019 levels despite the difficult retail environment. Roger Tulk and his team are carrying that momentum into 2021, and are already engaged in the busy spring and summer season. Our first location in Regina, Saskatchewan opened in February and early results are positive. The focus continues to be on growing same store sales, managing margins and optimizing inventory. GlassMasters is poised for a record year, with pent up demand from 2020 adding to their continuing efforts to increase market share.- As we described in previous updates, Ocean Sales continues to endure a significant reduction in revenue as their exhibition and trad...

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