CALGARY, May 24, 2018 /CNW/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX: HNL.TO) announced today that its Industrial Services division has recently been awarded several camp service contracts for customers in the Montney region of Alberta and British Columbia.
Together, these contracts include the provision of full turn-key camp facilities, including hospitality and operational services, across 1,155 beds. Combined revenue is expected to be $55.1 million over the term of the contracts, which vary in duration through the end of 2019.
The contracts call for the deployment of 334 beds for a new location, and the continued utilization of 821 beds across three existing locations, including Horizon North's Gold Creek Lodge. The new location will be comprised entirely of existing fleet, with a minimal amount of capital required to mobilize and maintain the facility. The required capital is included in the Corporation's 2018 capital plan.
"These contracts strengthen Horizon North's position as the largest open and customer camp provider by market share in the Montney and Duvernay regions of Alberta and British Columbia," says Rod Graham, President and Chief Executive Officer of Horizon North. "Our high-quality full turn-key offering is appreciated by our customers, who continue to also recognize and value our relationships with Aboriginal communities and our world-class safety record as reasons for doing business with Horizon North."
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 Services 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, press releases, financial statements and MD&A are available on SEDAR at www.sedar.com
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 in some cases, but not always, are identified by the words "will", "expect", "continue" and similar expressions. This press release contains forward-looking statements pertaining to, among other things, the following: contract revenue; facility usage; facility assets, including the new location; capital expenditures; and customer recognition and valuation of the Company's relationships and safety record.
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 used for this press release may prove to be incorrect. 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 contracts and the new location may not be completed in the timelines anticipated, in the manner anticipated or at all; the contracts 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; and reliance on industry partners. Additional information on these and other risks, uncertainties and factors that could affect Horizon North's operations and financial results are included in Horizon North's annual information form and other documents which may be accessed through the SEDAR website at www.sedar.com.
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: please contact Rod Graham, President and Chief Executive Officer or Scott Matson, Senior Vice President Finance and Chief Financial Officer, 900, 240 - 4 Ave. S.W., Calgary, Alberta T2P 4H4, Telephone (403) 517-4654, Fax (403) 517-4678, website: www.horizonnorth.ca