Western Investment Company Secures Agreement to Increase Ownership in Fortress Insurance to 43% Upon Closing of its Proposed Transaction

Scott Tannas and Paul Rivett Hosting Webcast on the Proposed Transaction on March 27, 2024 at 9:00 AM Mountain Time, 11:00 AM Eastern Time

CALGARY, Alberta, March 26, 2024 (GLOBE NEWSWIRE) -- The Western Investment Company of Canada Limited (TSXV: WI) ("Western" or the "Corporation"), today announced that it has secured an agreement to purchase 1 million shares in Fortress Insurance Company (“Fortress”), or 14.22% of the total shares outstanding in Fortress, for CA$2.6 million (the “Share Purchase”). The Share Purchase is conditional on the closing of the previously announced proposed transaction with companies affiliated with Paul Rivett to invest at least $20 million into the Corporation (the "Transaction").

The Share Purchase will increase Western’s ownership in Fortress from 28.45% to 42.67% upon closing of the Transaction. The vendor’s details are confidential and the vendor is not a related party to Western or Paul Rivett.

"Acquiring additional shares in Fortress is an essential part of transforming Western into an insurance and investment holding company," said Scott Tannas, President and Chief Executive Officer of Western. "Securing agreements for 51% of Fortress’ shares is a condition of the Transaction, and we will make additional announcements as we sign-up additional share purchase agreements on our way to this threshold. The board and I firmly believe that the transformation of Western into an insurance and investment holding company, with a focus on compounding book value per share through prudent organic growth and accretive acquisitions, will provide our shareholders with the best return over the long-term."

Acquisition of Additional Fortress Shares
In connection with Western acquiring additional shares of Fortress, Western plans to offer the existing Fortress shareholders the option of receiving cash or the current common shares of Western ("Single Voting Shares") at a price of $0.40 per share which could result in the issuance of up to an additional 30,000,000 Single Voting Shares. Acquisition of the additional Fortress shares is expected to occur concurrent with closing of the Transaction (and the related Change of Business).

Webcast - Join Scott Tannas and Paul Rivett as they discuss the Proposed Transaction
March 27, 2024 at 9:00 AM Mountain Time, 11:00 AM Eastern Time
On Wednesday, March 27, 2024, please join Scott Tannas, President and CEO of Western, and Paul Rivett, Founder and President of Tevir Capital Corp., on a webcast where they will discuss the proposed Transaction and their vision for Western’s strategy going forward. Participants of the live event will also have the opportunity to ask questions.