RED DEER, ALBERTA--(Marketwire - Jan. 17, 2012) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announces that its wholly owned subsidiary Blue Horizon Energy Inc. ("BH Energy"), on behalf of its wholly owned division Blue Horizon Contracting, has been notified that pursuant to a court order Ko Yo Development Co. Ltd. ("KoYo"), a Hong Kong incorporated company and Guangan Lotusan Natural Gas Chemicals Co. Ltd. ("GLN"), a corporation incorporated under the laws of the Peoples Republic of China, have now placed $4,180,000 USD into a trust account so as to have the Injunction removed that limited them from removing any portion of the dismantled ammonia or methanol plants from the Province of British Columbia. BH Energy is now proceeding with an application to have the matter heard before an arbitration board with the goal to have the funds released to BH Energy.
The Corporation further announces that Michael Koenig has resigned as C.F.O. and as a director, effective immediately. Board member, Mr. Robin Ray, a current director has accepted the position of C.F.O. and Mr. Nathan Hansen has agreed to become a director on the board of the Corporation.
Don Allan, President and CEO of Blue Horizon said "It has been a pleasure to work closely with Michael who has worked very hard to help Blue Horizon become public and comply with continuous disclosure accounting issues. We wish Michael all the best in his future and we welcome Robin to take on a much larger role in our company as well as the appointment of Nathan to the board. We believe Robin Ray in his expanded capacity and Nathan Hansen as a director will help us to grow Blue Horizon."
Mr. Ray is a Certified General Accountant. Since 1995 Mr. Ray has been a partner in the general accounting firm, MacNevin & Ray. Mr. Ray served from April 2001 to August 30, 2011 as the Chief Financial Officer & as a Director of MLB Industries Inc. Mr. Ray brings extensive public company experience to the Corporation. Mr. Hansen is an entrepreneur who has spent the past 25 years directly involved with public companies in their development and early growth stage. His business expertise is in the areas of finance and public relations in the capital markets throughout Canada, U.S.A. and Europe. He has also worked closely with other entrepreneurs in the initial formation of reporting issuers in the Capital Pool Corporation marketplace in Canada and subsequent negotiations of strategic acquisitions and organization of private companies going-public.
About Blue Horizon Industries Inc.
Blue Horizon Industries Inc. is a diversified industrial company with a four-fold strategic focus. The Corporation operates through three subsidiary companies; Blue Horizon Energy Inc. - 100% owned ("Blue Horizon Energy"), Blue Horizon Bio-Diesel Inc. - 100% owned ("BH Bio-Diesel") and Blue Horizon Mining Inc. - 74% owned ("BH Mining"). Blue Horizon Contracting ("BH Contracting") and BH Energy are wholly-owned divisions of Blue Horizon Energy. BH Contracting is currently bidding on dismantling contracts for execution in 2012, while BH Energy is exploring for oil and gas in Western Canada having participated in 4 test wells in 2011. BH Mining is advancing two mining projects in British Columbia and BH Bio-Diesel has an exclusive sub-license agreement to build green bio-diesel plants in Canada.
The shares of the parent company, Blue Horizon Industries Inc., are listed to trade on the Canadian National Stock Exchange ("CNSX") under the symbol BH.
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.
Neither the Canadian National Stock Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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