CALGARY, May 31, 2016 /CNW/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX – HNL) announced today that it has completed the previously announced acquisition of Karoleena Inc. and its affiliates (collectively, "Karoleena").
"This acquisition of Karoleena will help drive Horizon North's permanent modular offerings, providing offsite construction of designer prefabricated residential, commercial and retail structures. Karoleena's design coupled with Horizon North's manufacturing excellence and world class safety program will allow Horizon North to continue to diversify its end markets and customer base." noted Rod Graham, President and Chief Executive Officer of Horizon North.
Karoleena is a manufacturer of designer prefabricated homes. Karoleena focuses on providing premium modern homes with superior design, quality, speed and craftsmanship through its pre-fabrication process. Karoleena homes are constructed in a modern fabrication facility located in Okanagan Falls, British Columbia and then delivered to and installed on site. Karoleena is able to offer its customers a move in ready home within six months of commencement of manufacturing. Horizon North and Karoleena agreed to a purchase price of $2.5 million, payable in a combination of cash and Horizon North common shares. For further information about Karoleena, please visit their website at www.karoleena.com
About Horizon North
Horizon North is a publicly-traded company (TSX: HNL.TO) that provides full service solutions in camp management accommodations and catering, matting and soil stabilization, remote power and energy generation systems, and relocatable and permanent modular structures. Horizon North provides a full range of these services to top tier clients in the LNG, oil sands, oil and gas, energy, mining/exploration, forestry and construction sectors. As a result of our diverse product and service offerings, Horizon North is uniquely positioned to meet the needs of our customers anywhere in Canada and Alaska.
Additional information related to the Corporation, including the Corporation's annual information form, press releases, financial statements, and MD&A are available on SEDAR at www.sedar.com and www.horizonnorth.ca
This press release contains "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 Horizon North. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will", "expects", "anticipates" and similar expressions. This press release contains forward-looking statements pertaining to, among other things, the synergies and potential growth opportunities created by combining the business of Karoleena with Horizon North.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Horizon North as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Horizon North contained in this press release, which may prove to be incorrect, include the anticipated benefits of the acquisition and the successful integration of Horizon North and Karoleena as a single entity following closing of the acquisition of Karoleena.
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Horizon North and described in the forward-looking information contained in this press release. Undue reliance should not be placed on forward-looking information. The material risk factors include, but are not limited to, failure to realize anticipated synergies and continued demand for permanent modular structures. Readers are cautioned that the foregoing list of risk factors is not exhaustive.
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. 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.
SOURCE Horizon North Logistics Inc.
For further information: Rod Graham, President and Chief Executive Officer or Scott Matson, Senior Vice President Finance and Chief Financial Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone (403) 517 - 4654, Fax (403) 517 - 4678; website: www.horizonnorth.ca