CALGARY, Jan. 10 /CNW/ - Horizon North Logistics Inc. ("Horizon" or the
"Company") announces today that it has completed the acquisition of all of the
common shares of Pioneer Site Services Ltd. ("Pioneer"). Pioneer owns a 49%
interest in, and is the managing partner of two companies which provide camp
catering services in Nunavut. The other 51% of the catering companies,
Kitikmeot Caterers Ltd. and Sakku Caterers Ltd., is aboriginally owned by
Kitikmeot Corporation and Sakku Investments Corp., respectively. Their mandate
is to foster business and employment opportunities for the benefit of the
Inuit people in their regions within Nunavut. The two catering companies are
expected to generate combined revenue of approximately $5 million in 2008.
"While the acquisition of Pioneer is not a large transaction, it is a
very nice fit with Horizon's strategy of providing services to remote northern
resource development projects, while at the same time working closely with,
and providing benefits to, the Inuit residents in the region. Our business
units continue to see expansion opportunities in Canada's far north and the
addition of Pioneer allows Horizon to provide a full suite of camp and
catering services in Nunavut with a base of experienced and local employees,"
noted Rob Hunt, Horizon's President.
This press release may contain forward-looking statements that are
subject to risk factors associated with the oil and gas and mining businesses
in Canada's northern regions and the overall economy. Horizon believes that
the expectations reflected in this press release are reasonable, but results
mar be affected by a variety of variables. The Company relies on litigation
protection for "forward-looking" statements.
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