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| Home : Western Investment Company of Canada Provides an Update on Potential Qualifying Transaction |
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Nov 09
2016 |
Western Investment Company of Canada Provides an Update on Potential Qualifying Transaction |
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CALGARY, ALBERTA--(Marketwired - Nov. 8, 2016) - The Western Investment Company of Canada Limited ("Western") (TSX VENTURE:WI.P), further to its press release dated September 22, 2016 announcing entering into a letter of intent, is pleased to announce that it has made substantial progress toward the completion of its proposed Qualifying Transaction, and subject to the satisfaction of remaining conditions precedent in the letter of intent, Western intends to proceed with the transaction to purchase GlassMasters Autoglass Ltd. ("GlassMasters") and ARG Wholesale Ltd. ("ARG") (the "Transaction"). GlassMasters is one of the largest windshield repair companies in the province of Alberta with seven retail locations and 27 mobile service units operating in Calgary, Red Deer and Edmonton. ARG is a wholesale automotive glass distribution company. Once the Transaction is completed, the current owners of GlassMasters and ARG, Miles Palmer and Karyn Palmer will retain a significant minority interest in the enterprise and will continue to work closely with the management team at GlassMasters for years to come. In addition, certain key managers have agreed to participate in an equity position, and will be given future opportunities to build on their ownership. |
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| Source:http://www.marketwired.com/mw/release.do?id=2173772&sourceType=3 |
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