CALGARY, Feb. 2, 2012 /CNW/ - TSX Symbol: HNL
Horizon North Logistic Inc. ("Horizon") announced today that it has
entered into a contract for the provision of a new 600 person camp
including accommodation, office and recreation facilities along with
catering and camp management services for an oil sands project in the
Fort McMurray, Alberta area. The contract term is for 27 months with
the first 200 beds expected to be in place by September 2012 with the
full 600 beds being deployed by March 2013. Revenues over the term of
the contract are expected to be approximately $40 million with
associated capital investment amounting to approximately $27 million.
Bob German, President and Chief Executive Officer of Horizon noted,
"This contract further solidifies Horizon's capital spending plans for
the year and keeps us on track for continued growth. We continue to
experience strong bidding activity and anticipate that 2012 capital
spending will amount to approximately $100 million to meet this
Additional information related to the Corporation, including the
Corporation's annual information form, press releases, financial
statements, and MD&A are available on SEDAR at www.sedar.com.
Certain statements contained in this news release constitute
forward-looking statements or information. All statements other than
statements of historical fact contained in this news release may be
forward looking statements. These statements relate to future events
or future performance of Horizon. In particular, forward looking
information includes the statements that revenues from the new contract
are expected to be approximately $40 million and that capital spending
during 2012 is expected to be approximately $100 million to meet
continuing strong demand for Horizon's products and services.
The foregoing statements assume that the new camp will be completed as
expected and that the strong demand for Horizon's products and services
will continue through 2012.
Although Horizon believes that the expectations set forth in this press
release are reasonable, there can be no assurance that such
expectations prove to be correct.
As such, many factors could cause the performance or achievements of
Horizon to be materially different from any future results, performance
or achievements that may be expressed or implied by such
SOURCE Horizon North Logistics Inc.
For further information:
please contact Bob German, President and Chief Executive Officer or Scott Matson, Vice President Finance and Chief Financial Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone: (403) 517 - 4654; Fax: (403) 517 - 4678; Website: www.horizonnorth.ca