MONTREAL, July 4, 2017 /CNW Telbec/ - HNZ Group Inc. (TSX: HNZ) (the "Corporation" or "HNZ") announced today that the operations carried out by Norsk Helikopterservice AS ("Norsk"), a Norwegian entity in which the Corporation holds a 49.9% interest, ceased on June 30, 2017.
"Norsk has encountered various challenges in the Norwegian market, and our investment in Norsk has not performed as we had hoped," said Don Wall, President and Chief Executive Officer of HNZ. "After considering the results and prospects of this investment, we have decided to focus our efforts on other aspects of HNZ's strategic plan."
Norsk has implemented an orderly wind-up process including the termination of employees, the return of a leased aircraft to the lessor and settling of other matters, while Norsk's majority shareholder evaluates their options.
ABOUT HNZ GROUP INC.
HNZ Group is an international provider of helicopter transportation and related support services with operations in Canada, New Zealand, Australia, Southeast Asia and Antarctica. The Corporation operates in excess of 115 helicopters to support offshore and onshore charter activities under a number of different brands. Offshore operations are provided under the HNZ brand, while onshore charter operations are under the Canadian Helicopters brand in Canada, Acasta in Northern Canada and the HNZ brand in Asia-Pacific and Antarctica. Clients consist of multinational companies and government agencies including offshore and onshore oil and gas, mineral exploration, military support, hydro and utilities, forest management, construction, air ambulance and search and rescue. In addition to charter services, it provides ancillary services which include third-party repair and maintenance services and advanced flight training by the internationally recognized HNZ Topflight training center in Penticton, British Columbia. HNZ Group is a publically traded company on the Toronto Stock Exchange (TSX: HNZ) and is headquartered near Montreal, Canada and employs approximately 600 personnel from 36 locations around the world.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. When used in this press release, such statements use such words as "may", "will", "intend", "should", "expect", "believe", "plan", "anticipated", "estimate", "predict", "potential" or the negative of these terms and other similar terminology. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made. The Company disclaims any intention or obligation to update or revise any forward- looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.
SOURCE HNZ Group Inc.
For further information: HNZ Group Inc., Matt Wright, CFA, MBA, Vice President and Chief Financial Officer, Tel.: 780-429-6903