CALGARY, Sept. 15 /CNW/ - TSX Symbol: HNL - Horizon North Logistics Inc.
("Horizon" or the "Company") announces that it has entered into a three year
contract with Suncor Energy Services Ltd. ("Suncor") for the utilization of
480 rooms at the Company's Black Sand Executive Lodge located north of Fort
McMurray near Suncor's Voyager oil sands project.
Horizon is currently planning to expand the size of the Black Sand
Executive Lodge and the contract with Suncor includes a right of first refusal
on occupancy of an additional 148 rooms on the same terms as the initial 480
"Terms of the Black Sand contract are consistent with the estimated
project economics used when we decided to proceed with the Black Sand
Executive Lodge. The concept of higher end accommodation units has been well
received by customers in the work force housing market. This contract further
diversifies our revenue stream away from the conventional oil and gas market
towards the less seasonal, longer term oil sands related market", said Ric
Peterson, Horizon's Chairman and Chief Executive Officer.
Forward Looking Information
Certain statements contained in this Press Release, including statements
related to the development of a new lodge and statements that contain words
such as "could", "should", "can", "anticipate", "expect", "believe", "will",
"may", "likely" and similar expressions and statements relating to matters
that are not historical facts and constitute "forward-looking information"
within the meaning of applicable Canadian securities legislation.
These statements are based on certain assumptions and analysis made by
the Company in light of its experience and its perception of expected future
developments as well as other factors it believes are appropriate in the
circumstances. However, whether actual results, performance or achievements
will conform to the Company's expectations and predictions is subject to a
number of known and unknown risks and uncertainties which could cause actual
results to differ materially from the Company's expectations. Consequently,
all of the forward-looking information and statements made in this press
release are qualified by these developments anticipated by the Company will be
realized or, even if substantially realized, that they will have the expected
consequence to or effects on the Company or its business or operations.
Horizon is listed on the Toronto Stock Exchange under the trading symbol
For further information:
For further information: please contact Ric Peterson, Chairman and Chief
Executive Officer or Bob German, Vice President Finance and Chief Financial
Officer, 1600, 505 - 3 Street S.W., Calgary, AB, T2P 3E6; Telephone: (403)
517-4654, Fax: (403) 517-4678: website: www.horizonnorth.ca