Western Provides Details of Previously Announced “Retailer” Transaction
21 Diciembre 2017 - 5:11PM
Western Investment Company of Canada Limited
("
Western") (TSXV:WI) today announced that,
subject to final conditions and approvals, it will acquire a 75%
interest in Ocean Sales Group Ltd. (“
Ocean
Sales”). The transaction is scheduled to close in early
January.
Ocean Sales is one of North America’s largest “Exhibition
Retailers” with operations throughout Canada and the USA. Founded
35 years ago, Calgary based Ocean Sales sells a unique line of
products direct to consumers through live demonstrations at public
events including major consumer shows and fairs across the
continent. In addition, Ocean Sales has established a successful
and growing partnership with Costco, whereby Ocean Sales operates
live demonstration kiosks within selected locations.
Western CEO Scott Tannas comments: “We at Western are very proud
to partner with Founders George and Barbara McBride in this unique
and successful business. Their skill and expertise has driven Ocean
Sales’ remarkable success to date and will continue to be applied
toward a very exciting future. We are also very impressed with the
depth and strength of the management team that provides nimble
logistics in support of a large group of talented sales people
across North America.”
Ocean Sales Founder George McBride said, “My family and I are
very happy to have found a partner that is focused on investing in
Western Canadian business success stories like ours. We are very
proud of what we have built, and are determined to set the stage
for significant growth in the future. The reputation and business
track record of Western’s founders was a big factor in our decision
to establish this partnership.”
About Ocean Sales
Ocean Sales markets high-quality, household products through
live demonstrations at leading consumer shows and fairs throughout
Canada and the US. We are headquartered in Calgary with four
warehouses located in Calgary, Montreal, Pickering and Tumwater,
Washington. Ocean Sales is the largest exhibition retailer in
Canada with approximately $25 million in revenue and actively
participates in 390 shows in North America and demonstrates select
products at all Costco Canada locations.
Further information about Ocean Sales and its products can be
found at www.oceansales.ca.
About Western
Western is a unique publicly traded, private equity company
founded by a group of successful Western Canadian businesspeople,
and dedicated to building and maintaining ownership in successful
Western Canadian companies, and helping them to grow. The Company’s
shares are traded on the TSX Venture Exchange under the symbol WI.
For more information on the Company, please visit its website at
www.winv.ca
Q3 2017 Financial Statements
Western confirms that it has filed its interim financial
statements and MD&A for the third quarter ended September 30,
2017 (“Q3 2017”). All results are presented in Canadian dollars.
Readers should refer to the September 30, 2017 Management
Discussion and Analysis Quarterly Highlights, and the consolidated
interim financial statements for complete information, which are
available on SEDAR at www.sedar.com.
CONTACT INFORMATION
The Western Investment Company of Canada LimitedScott
TannasPresident and Chief Executive Officer(403)
652‐2663stannas@winv.ca
AdvisoryThis news release may contain certain
forward‐looking information and statements, including without
limitation, statements pertaining to board approvals, satisfactory
completion of due diligence, entering into a purchase and sale
agreement, receipt of debt financing and obtaining regulatory
approvals. Statements containing the words: 'believes', 'intends',
'expects', 'plans', 'seeks' and 'anticipates' and any other words
of similar meaning are forward‐looking. All statements included
herein involve various risks and uncertainties because they relate
to future events and circumstances beyond Western's control. There
can be no assurance that such information will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such information. A
description of assumptions used to develop such forward‐looking
information and a description of risk factors that may cause actual
results to differ materially from forward‐looking information can
be found in Western's disclosure documents on the SEDAR website at
www.sedar.com. Any forward looking statements are made as of the
date of this news release and Western does not undertake to update
any forward‐looking information except in accordance with
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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