Horizon North Logistics Inc. (“Horizon North” or the “Corporation”) (TSX: HNL.TO) announced today the Corporation’s 2019 capital spending plan.
Horizon North exits 2018 with a strong balance sheet and believes it is well positioned to continue advancing key strategic initiatives while executing an expanded but disciplined capital investment program in 2019. The Corporation plans to invest approximately $50 million in gross capital expenditures in 2019 in a phased approach throughout the year.
Horizon North will allocate approximately $25 million to the development of its previously announced Crossroads Lodge open camp located in Kitimat, British Columbia. This project is the first stage of development of Horizon North’s 57-acre land position within the District of Kitimat which will be focused on supporting liquefied natural gas (“LNG”) and other industrial development in the area. The project is garnering significant customer support with the first phase of operational occupancy expected in early 2019.
Horizon North intends to allocate the balance of the capital plan to the expansion of its Modular Solutions division and replenishment and growth of its Rentals and Logistics asset profile, including rental mats to support incremental customer demand, as well as transportation and logistics fleet assets.
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 Solutions 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
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 – 4th Avenue S.W., Calgary, Alberta T2P 4H4; Telephone (403) 517 – 4654, Fax (403) 517 – 4678; website: www.horizonnorth.ca
This news release contains certain statements or disclosures relating to Horizon North that are based on the expectations of its management as well as assumptions made by and information currently available to Horizon North which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Horizon North anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “believe”, “continue”, “expect”, “intend”, “plan”, “will” and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the Corporation’s capital spending plan; strategic initiatives; development and operations of the Crossroads Lodge; development of Horizon North’s assets; expansion of the Corporation’s Modular Solutions division; and replenishment and growth of Horizon North’s Rentals and Logistics assets.
The forward-looking statements contained in this news release reflect several material factors and 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 continuance 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.
Horizon North believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. 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 Corporation’s assets may not be developed and/or operated in the timelines anticipated, in the manner anticipated or at all; the delivery of and demand for the Corporation’s services and products may not have the results currently anticipated by Horizon North; 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 and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.