Blue Horizon ("BH") Announces Lawsuit Involving Bula Enterprises Ltd; BH Mining Subsidiary Amends Wild West Gold Agreement; BH Energy takes Operatorship of Waskahigan well; Directorship Change
RED DEER, ALBERTA--(Marketwire - March 30, 2012) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation) (CNSX:BH) announced today that its wholly-owned subsidiary, Blue Horizon Energy Inc. ("BH Energy") and Blue Horizon Contracting ("BH Contracting"), was served with a statement of claim by one of its sub-contractors from the Kitimat dismantling project. The sub-contractor, Bula Enterprises Ltd. ("Bula") is claiming $643,095.20 for invoices not paid. BH Energy has filed a statement of defense and a counterclaim seeking $19,000,000.00 plus damages. On June 6, 2011 BH Energy entered into a service agreement with Bula for work on the Kitimat site. BH Energy and BH Contracting denies each and every allegation contained in the Statement Of Claim.
Also Blue Horizon Mining Inc. the 74% owned subsidiary of Blue Horizon Industries Inc. ("BH Mining") has agreed with Wild West Gold Corp. ("WWG") to amend the terms of the option agreement in respect of the "Vermillion Forks" property. The amendments agreement includes (i) the date for BHM's filing the second annual assessment report work from October 1, 2011 to no later than June 1, 2012, (ii) an extension to the date for BHM's payment of the second option payment to be paid in two installments, the 1st payment due by no later than April 2nd, 2012, and the second payment due by no later than May 1st, 2012 and (iii) the date for BHI's issuance and delivery of the second installment in BHI's Common Shares from April 1st, 2012 to when BHI resumes trading.
On February 14, BH Energy received court approval to become the operator of the Waskahigan property. Pursuant to the terms of the Turnkey Working Interest Agreement, BH Energy acquired in June, 2011, a 15% working interest in an Alberta Crown P&NG lease covering the NE/4 of Sec. 29 Twp. 62 Rge. 24 W5M.
The Corporation further announces that on March 29, Eric Leslie has resigned as a director. Aric Ferguson, currently a consultant to the corporation, has accepted the vacant director's position. Aric is the President and Chief Executive Officer of Zydeco Capital, Inc., a private investment firm specializing in raising development capital for junior resource and emerging growth companies. The business partners and co-investors of Zydeco have a wide range of experience in capital markets and management consulting. Don Allan, President and CEO of Blue Horizon said "It has been a pleasure to work closely with Eric who has worked very hard to help Blue Horizon become public and comply with continuous disclosure issues. We wish Eric all the best in his future."
About Blue Horizon
Blue Horizon is a diversified industrial company with the following four-fold strategic focus: i) through Blue Horizon Contracting, a wholly-owned division of Blue Horizon, secure and execute on dismantling contracts of existing industrial plants and related facilities; (ii) through its wholly owned subsidiary, Blue Horizon Energy Inc., explore for oil and gas in Western Canada; (iii) through its 74% owned subsidiary, Blue Horizon Mining Inc., advance grass roots mining projects; and (iv) through its wholly owned subsidiary, Blue Horizon Bio-Diesel Inc., to build a pilot bio-diesel manufacturing plant that validates a technology that is licensed to Blue Horizon Bio-Diesel Inc.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.