CALGARY, Oct. 4, 2017 /CNW/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX-HNL) confirms today that the City of Vancouver (the "City") has approved a recommendation from City staff to authorize the Vancouver Affordable Housing Agency ("VAHA") to negotiate an agreement or agreements with Horizon North for the design, manufacture and installation of up to 600 temporary-modular affordable housing units on locations to be selected by the City, at a total cost of up to $66 million (the "Project"). Funding for the Project has been approved and will be provided by the BC Housing Management Commission ("BC Housing") with the first units anticipated opening in early 2018. The approved recommendation contemplates that BC Housing will take contractual responsibility for the Project, working closely with VAHA and the City.
"We view this resolution as a direct result of the positive experience associated with Vancouver's first temporary modular project located at 220 Terminal Avenue whereby Horizon North provided a temporary, modular solution that allows the units to be relocated at a future date," said Rod Graham, President and Chief Executive Officer of Horizon North. "Our excellent working relationship with the City, VAHA and BC Housing, coupled with our innovative modular construction process allows for creative and practical solutions to assist the City in addressing its priority of increasing the supply of affordable housing."
Horizon North will not be making any further comment unless a definitive contract or contracts are entered into.
ABOUT HORIZON NORTH
Horizon North is a publicly listed corporation (TSX: HNL.TO) providing a full range of industrial, commercial, and residential products and services. Our Modular Solutions division integrates modern design concepts and technology with state of the art, off-site manufacturing processes; producing high quality building solutions for commercial and residential offerings including offices, hotels, and retail buildings, as well as distinctive single detached dwellings and multi-family residential structures. In addition, our Industrial division supplies workforce accommodations, camp management services, access solutions, maintenance and utilities. As a result of our diverse product and service offerings, Horizon North is uniquely positioned to meet the needs of our customers in numerous sectors, anywhere in Canada.
Additional information related to Horizon North, including the Corporation's annual information form, news releases, financial statements and MD&A are available on the Corporation's website at www.horizonnorth.ca and on SEDAR at www.sedar.com
This news release contains certain "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Corporation. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the negotiation of an agreement or agreements by the Corporation with VAHA in respect of the Project and only commenting further once a definitive agreement regarding the Project is entered into by the Corporation.
The Corporation cautions that there is no guarantee that an agreement or agreements between the Corporation and VAHA will be entered into by such parties in connection with the Project.
Although Horizon North believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Horizon North's actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements.
The forward-looking statements contained in this news release reflect several material factors, expectations and assumptions of Horizon North including, without limitation: that Horizon North will continue to conduct its operations in a manner consistent with past operations; the general continuation of current or, where applicable, assumed industry conditions; availability of debt and/or equity sources to fund Horizon North's capital and operating requirements as needed; and certain cost assumptions.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market and business conditions; the Corporation and VAHA may not reach an agreement or may cease negotiations in respect of the Project or may agree to terms not currently anticipated; the delivery of the Project may not have the results currently anticipated by Horizon North; Horizon North may be unable to resolve mechanical or operational issues in the timelines anticipated, in the manner anticipated or at all; increased costs and expenses; reliance on industry partners; and certain other risks detailed from time to time in Horizon North's public disclosure documents including, without limitation, those risks identified in this news release, and in Horizon North's annual information form, copies of which are available on Horizon North's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.
Statements including forward-looking statements are made as of the date they are given and, except as required by applicable securities laws, Horizon North disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Certain information set out herein may be considered as "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Horizon North's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
SOURCE Horizon North Logistics Inc.
For further information: please contact Rod Graham, President and Chief Executive Officer or Scott Matson, Senior Vice President Finance and Chief Financial Officer, 900, 240 4th Avenue S.W., Calgary, Alberta T2P 4H4; Telephone 403.517.4654, Fax 403.517.4678; website: www.horizonnorth.ca