HIGH RIVER, Alberta, Dec. 21, 2017 (GLOBE NEWSWIRE) -- 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 Limited
Scott Tannas
President and Chief Executive Officer
(403) 652‐2663
stannas@winv.ca
Advisory
This 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.