HIGH RIVER, AB–(Marketwired – May 31, 2016) –
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY UNITED STATES NEWS SERVICE OR OTHERWISE IN THE UNITED STATES
The Western Investment Company of Canada Limited (“The Company”) (TSX VENTURE: WIP) today announced that its Financial Statements and MD&A for the three months ended March 31, 2016 have been filed on SEDAR.
Company Director and Chief Executive Officer Scott Tannas made the following comments:
“The first quarter of 2016 marks the founding of the Company as a public entity and reflects the transactions of our IPO and establishment of our board and executive team. The financial statement and balance sheet for Q1 includes:
- The completion of a fully subscribed $4.5 million initial public offering.
- The booking of costs related to the issue including legal and investment banking fees and commissions.
- The one time expensing of share options for Directors and Officers, using the Black Scholes method. This non-cash cost is expensed up front, in accordance with accounting rules.
- The costs to set up our financial reporting regime and for the preparation of the Q1 report.
- Regulatory Fees and general administrative costs for the company.
With the founding activities of the Company complete, the Officers and Directors have commenced the search for our first acquisition, which will also be our Qualifying Transaction under the rules for Capital Pool Corporations. We are actively engaged in discussions with, and analysis of, potential targets. Over the coming months we will continue to work toward securing an acquisition that is both prudent and timely.
I look forward to reporting future progress.”
SUMMARY OF QUARTERLY RESULTS
The financial results of the Corporation for the quarter ended March 31, 2016 are summarized as follows:
|
in Canadian $ thousands except for per share amounts |
Three Months ended March 31, 2016 |
Period Ended December 31, 2015 |
% Change |
|||
| Total Revenue | $0 | $0 | 0% | |||
| Operating Expenses | $655.6 | $34.9 | 1779% | |||
| Net Income (Loss) | ($655.6) | ($34.9) | 1779% | |||
| Earnings (Loss) per Share – Basic | ($0.12) | ($0.02) | 200% | |||
| Earnings (Loss) per Share – Diluted | ($0.09) | ($0.02) | 200% | |||
| Total Assets | $4,407.8 | $476.9 | 824% | |||
| Total Long Term Liabilities | $0 | $0 | 0% | |||
Certain statements contained in this document constitute “forward-looking information”. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “propose”, “anticipate”, “believe”, used by any of the Corporation’s management, are intended to identify forward-looking information. Such statements reflect the Corporation’s forecasts, estimates and expectations, as they relate to the Corporation’s current views based on their experience and expertise with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Corporation’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements.
Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Corporation does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments unless required by law.
For further information, please contact:
Scott Tannas
President and CEO
The Western Investment Company of Canada Limited
403-652-2663
Scott.tannas@westernfg.ca