Western Investment Company of Canada Provides Update on the Filing of its 2022 Annual Financial Statements

High River, Alberta--(Newsfile Corp. - May 15, 2023) - The Western Investment Company of Canada Limited (TSXV: WI) ("Western" or the "Company") announced today that there will be a continued delay on the filing of its annual financial statements, accompanying management's discussion and analysis and related chief executive officer ("CEO") and chief financial officer ("CFO") certifications for the financial year ended December 31, 2022 (collectively, the "Annual Filings"). This in an update to the news release released on April 28, 2023.

The delay at Western is related to a concurrent delay in the reporting of year end statements of Foothills Creamery Ltd. ("Foothills"), one of Western's investee companies. Western notes that Ernst & Young LLP ("EY") are auditors for both Western and Foothills, and that 2022 is EY's first year on the file. They have determined a need for extra testing and analysis at Foothills.

Western is working closely with its auditor, and its associate Foothills, and is making every effort to submit the Annual Filings in a timely fashion. Based on discussion with the auditor, Western expects the audit work to be completed in the coming days. Should Western not file within a week, Western will provide another update to shareholders on May 23, 2023.

Western CEO Scott Tannas made the following statement, "We support Foothills management as they continue to work with the auditors to complete the 2022 audit, and ensure that Foothills financial statements are accurate in all respects."

The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company has obtained from the Alberta Securities Commission, as principal regulator of the Company, a management cease trade order ("MCTO") under NP 12-203 in respect of the default regarding the Annual Filings. The MCTO prohibits the CEO and the CFO from trading in securities of Western for so long as the Annual Filings are not filed. The issuance of the MCTO does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company's securities.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 9 and 10 of NP 12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default as a result of the late filing of the Annual Filings. During the period of default, the Company will issue biweekly default status reports in the form of further news releases, which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this news release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.

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. 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 stannas@winv.ca

Forward Looking Information and Risk Factors

This news release contains statements and information that may constitute "forward-looking information" within the meaning of applicable securities legislation, including statements identified by the use of words such as "will", "expects", "positions", "believe", "potential" and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts.

Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Annual Filings.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Annual Filings are filed later than anticipated.

Additional information regarding risks and uncertainties of the Company's business are contained under the heading "Risk Factors" in the Company's Annual Information Form for the financial year ended December 31, 2021 and the Company's other public filings which are available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

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