Horizon North Logistics Inc. Announces Completion of Acquisition and Conversion of Subscription Receipts

    CALGARY, Nov. 30 /CNW/ - Horizon North Logistics Inc. ("Horizon")
announces today the successful completion of the previously announced
acquisition of the business operated under the name Northern Trailer for an
aggregate purchase price of $55,992,942 in cash and the issuance of 3,865,385
common shares of Horizon.
    "The acquisition of Northern Trailer is another significant step in the
execution of Horizon's strategy of developing an organization with the
capability to provide services to remote resource development projects. We are
looking forward to working with Mark Brown and his whole team as we continue
to expand our service delivery capacity and diversify our customer base", said
Ric Peterson, Chairman and Chief Executive Officer of Horizon.
    In connection with the closing of this acquisition by Horizon, the
holders of 18,200,000 Subscription Receipts previously issued by Horizon by
way of a private placement which closed on November 20, 2007 will receive, for
no additional consideration, one Horizon common share for each Subscription
Receipt held. The Subscription Receipts were issued for total gross proceeds
of $60,060,000, which has been released to Horizon.

    Advisory Regarding Forward Looking Information

    Certain information regarding Horizon and the above described
acquisition, may constitute forward-looking information under applicable
securities law and necessarily involves risks, including, without limitation,
incorrect assessment of the value of the acquisition, failure to realize the
anticipated benefits of the acquisition, the ability to access sufficient
capital from internal and external sources, or the ability to maintain
management and employees of the acquired entity. As a consequence, actual
results may differ materially from those anticipated in the forward-looking
information. Readers are cautioned that the foregoing list of factors is not
exhaustive. Furthermore, the forward-looking information contained in this
news release is provided as of the date of this news release, and Horizon
undertakes no obligation to update publicly or to revise any of the included
forward-looking information, whether as a result of new information, future
events or other wise, except as may be expressly required by applicable
securities law.

For further information:

For further information: Ric Peterson, Chairman and Chief Executive
Officer, or Bob German, Vice President Finance and Chief Financial Officer,
Telephone (403) 517-4654, Fax (403) 517-4678

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