Business
Horizon North Logistics Inc. Provides Modular Solutions Update
Horizon North Logistics Inc. Provides Modular Solutions Update Canada NewsWire C...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Provides Modular Solutions Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 21, 2017\n\n\n\nCALGARY, Dec. 21, 2017 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX – HNL) is pleased to provide an update on the Corporation's modular solutions operations and commentary on recent business developments.\n\n\n \n \n\n \nModular Solutions\n\nHorizon North is gaining traction on its modular solutions offering and continues to add certainty to its project portfolio for 2018 and beyond. As of December 21, 2017, backlog in the Modular Solutions division sits at $32.3 million with high probability line of sight to an additional $148.5 million of projects. These amounts represent a series of development projects including government sponsored social infrastructure and affordable housing, multi-phased condominiums, hotels, Aboriginal housing and commercial infrastructure, and Karoleena residential homes.\n\nEarlier this year, the Corporation completed an affordable housing project for the Vancouver Affordable Housing Agency (\"VAHA\") and the City of Vancouver (the \"City\"). In October 2017, the City approved a recommendation authorizing VAHA to negotiate an agreement or agreements with Horizon North for design, manufacturing and installation of up to 600 temporary-modular affordable housing units on locations to be selected by the City, at a total cost of up to $66 million, funded by the BC Housing Management Commission (\"BC Housing\"). \n\nTo date, contracts representing $14.4 million across multiple sites have been executed, with units scheduled to be delivered through the end of 2017 and into the first half of 2018. The Corporation continues to work closely with VAHA and the City to move additional sites into contract phase as they become available.\n\nBifurcation Strategy and Internal Reorganization\n\nManufacturing operations previously conducted under the legal entity of the Horizon North Camp & Catering Partnership are being transferred to a newly incor...