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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index dropped 4.44 points to 664.29 Tuesday. 1933 Industries Inc. (TGIF) lost 3.5 cents to 42.5 cents on 4.47 million shares. The company released its results for the fiscal third quarter of 2019 ended April 30, 2019. The company recorded a loss of $7.27-million on revenue of $4.59-million in fiscal Q3. It attributed the loss to building infrastructure, investing in brand development and, most notably, a $3,044,86 impairment adjustment of the company's consulting division, Spire Global Strategy Inc. 1933 acquired Spire Secure Logistics Inc. (as it was called at the time) in March, 2018, in exchange for $5-million of 1933 Industries shares. In the news release announcing the acquisition, 1933 said that then-chief executive officer Brayden Sutton "held less than 10 per cent of Spire, and took no part in the negotiations with Spire and the decision by the board to acquire Spire." Explaining the impairment charge in its news release today, 1933 Industries simply said, "The expected revenue and future market development of Spire were not realized."

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