Horizon North Logistics Inc. Announces Completion of Strategic Acquisition
CALGARY, Aug. 23, 2016 /PRNewswire/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") (TSX – HNL) announced today that it has completed the previously announced acquisition of Empire Camp Equipment Ltd. ("Empire") (the "Acquisition").
"The Acquisition will help to solidify Horizon North's Industrial services offering, leading to further diversification of both our geographical footprint and exposure to non-energy based projects, while also providing added traction in our more traditional markets," commented Rod Graham, President and Chief Executive Officer of Horizon North.
Mr. Graham continued, "As we continue down the path of transformational change, the focus on enhancing our two key verticals of Industrial and Permanent Modular is the priority. The addition of Empire's high quality, recently manufactured, private washroom assets solidifies our industrial business line and fits with our existing fleet, allowing for further operational efficiencies. Working off of one of the strongest balance sheets in the industry allowed Horizon North to take advantage of this strategic acquisition."
Consideration for the Acquisition is a purchase price of $44.5 million, payable through a combination of cash and newly issued Horizon North common shares.
About Empire
Empire is a Western Canadian focused provider of camp and wellsite buildings, with approximately 1,700 beds and supplemental camp support equipment. Empire provides camp and wellsite buildings to the energy, mining and construction sectors. Empire prides itself on their vast industry knowledge and ability to provide the most flexible and intuitive options in the modular rental business. With over 45 years of industry experience, Empire's focus on unique equipment solutions, while providing the most current and sophisticated buildings, has enabled them to build and maintain a strong client base.
For further information about Empire, please visit their website at www.empirecamp.ca
About Horizon North
Horizon North is a publicly listed corporation 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 clients in the energy, mining, 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 Management Discussion and Analysis are available on the Corporation's SEDAR profile at www.sedar.com and www.horizonnorth.ca
Forward-looking Statements
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 following: the Acquisition solidifying Horizon North's Industrial service offering and such solidification leading to further geographical footprint diversification and added traction in traditional markets, Horizon North's future priorities with respect to enhancing the two key verticals of Industrial and Permanent Modular, and the solidification of Horizon North's business line and further operational efficiencies arising from the Acquisition.
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, the successful integration of Horizon North and Empire as a single entity following closing of the Acquisition and Horizon North's ongoing transformational priorities.
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 the 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.
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