Fintech
Western Investment Company Files Q2 Financial Statements on SEDAR Reporting Net Income for Quarter on Par with 2019 at $355,000 and CEO Provides Update to Shareholders
High River, Alberta–(Newsfile Corp. – August 24, 2020) – The Western Investment Company of Canada Limited (TSXV: WI) (“WICC” or “Western”) announces that it has filed its Q2 Financial Statements and MD&A on SEDAR.
In a message to shareholders, WICC CEO Scott Tannas provided the following commentary:
“At the beginning of the second quarter, WICC and its partners were exclusively focused on making sure that each investee company had the resources to come through to the other side of the economic crisis. Whether it was cash, extra help at the executive level, or simply acting as a sounding board, we were there to support our management teams. Difficult decisions had to be made quickly. Creative ways of generating revenue were deployed. As we worked through the worst weeks of the pandemic, it was inspiring to watch our management teams provide calm and decisive leadership.
By the end of Q2, it was clear to us that we had successfully steered through the worst of the pandemic. In fact, business momentum in June was such that we posted a net profit for the quarter roughly equal to 2019’s second quarter result.
In Q2, Fortress Insurance, GlassMasters, Foothills Creamery and Golden Healthcare each delivered net income to Western.
Portfolio Report
– GlassMasters has remained open for business in their locations and with their extensive mobile service fleet. At the onset of the pandemic, the workforce was quickly and significantly reduced to fit the volume of sales activity. Thanks to some smart and aggressive marketing, sales began to steadily rise week over week. By early June, most of the previously laid off staff members had been recalled to meet surging demand. With June 2020 same store sales exceeding prior year, the company has carried significant momentum into Q3.
– Fortress Insurance continues to add new customers and premiums every month. The pace of growth continues to accelerate. The spring / summer hail season left us unscathed. The equity component of the investment portfolio at Fortress Insurance after initial impacts has performed well, with much of the investment losses incurred near the end of Q1 being recovered in Q2 as the market stabilized. We have stated before that Fortress Insurance is an important cornerstone business for us. The opportunity for us to build value through organic growth is, in our opinion, stronger than before. The insurance market in Canada remains short of capacity. Fortress has an extraordinary chance to establish itself in the coming year. Fortress President Shafeen Mawani and his small team are working hard to capture new business.
– As we have described in previous updates, Ocean Sales has suffered a significant reduction in revenue. As the retail and exhibition channels open up, Ocean will be ready to sell their products in places where people gather in large numbers as before. In the meantime, the company is working its online channels in unique ways, and preparing for a busy 2021. We are involved intimately in the 2021 re-launch plans, and will provide updates in future reports.
– Foothills Creamery experienced a rise in sales during Q2, with low margin- high volume consumer packaged butter sales up significantly over last year, while sales to restaurants and bakeries are down. Foothills’ high margin wholesale ice cream business is down over 2019, as much uncertainty remained over the ice cream scoop shops, and their ability to open and operate in April and May. By June, that end of the business was showing increased activity, generating optimism for a summer rebound.
– Golden Health Care has been successful in protecting their residents from COVID-19, while continuing to provide a steady return on investment in Q2. Together with our partners we are exploring where to go next with this terrific company. The past six months have shone a very bright light on Seniors Care. Management and operations excellence will be highly valued in the new era. We believe Golden Healthcare has a bright future.
Outlook
We will remain vigilant for any new challenges that this unusual economy may present for our companies. But after our financial and operating success in Q2, we are confident in our abilities to meet whatever is around the corner.
Given all that has happened in the economy, we at Western expect to encounter opportunities for transformational growth within our chosen industries. We intend to watch closely for chances to scale up our company in the next year.”
About The Western Investment Company of Canada Limited
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. Western’s shares are traded on the TSX Venture Exchange under the symbol WI.
For more information on Western, please visit its website at www.winv.ca
CONTACT INFORMATION – The Western Investment Company of Canada Limited
Scott Tannas President and Chief Executive Officer (403) 652-2663 [email protected]
Advisory
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to future plans, acquisitions, financings and returns. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62324
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
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