CALGARY, April 12, 2017 /CNW/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX – HNL) announced today that its Industrial division has been awarded a new camp service contract.
Horizon North has recently been awarded a three-year contract for the provision of camp solutions in the Qikiqtaaluk Region of Nunavut. Horizon North will be providing a turnkey 380 person hybrid camp as well as providing camp services at the customer's existing camp facilities. Concurrently with the provision of these services the customer will be installing an 800 person permanent workforce accommodation facility (the "Permanent Facility"). Horizon North will be providing camp services at the Permanent Facility as it comes online. Combined revenue over the term is expected to be approximately $62 million and will require approximately $7 million of capital to be deployed which is already included in the Corporation's 2017 capital budget.
"Horizon North has a long history of working in Canada's Arctic regions. It is this history combined with our ongoing commitment to safety and engagement with the local communities in which we operate that we believe were instrumental in securing this award," said Rod Graham, President and CEO of Horizon North. "We look forward to continuing our relationship with the Inuit communities to maximize benefits through local sourcing, direct employment and capacity building."
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 Industrial division supplies workforce accommodations, camp management services, access solutions, maintenance and utilities. Our Modular Construction 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. 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 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 Corporation's provision of a camp and camp services at the customer's existing camp facilities; the customer's installation of the Permanent Facility; the Corporation's provision of camp services at the Permanent Facility; revenues generated from the new camp service contract; deployment and availability of capital; and the Corporation's relationship with Inuit communities.
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 camp and Permanent Facility may not be completed in the timelines anticipated, in the manner anticipated or at all; 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, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone (403) 517 - 4654, Fax (403) 517 - 4678; website: www.horizonnorth.ca