Blue Horizon Announces It Has Decided Not to Continue Oil Exploration in Manitoba and Clarifies Previous Press Release
RED DEER, ALBERTA--(Marketwire - Jan 7, 2013) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announced today that its wholly owned subsidiary Blue Horizon Bio-Diesel Inc ("BH Bio-Diesel") has successfully completed a $50,000 short-term loan. The Corporation also announces that its wholly owned subsidiary Blue Horizon Energy Inc. ("BH Energy"), has decided not to re-new its Waskada oilsands lease in Manitoba.
On August 3, 2012 the Corporation''s wholly owned subsidiary, Blue Horizon Bio-Diesel entered into a short-term $50,000 loan agreement with a private lender. The terms of the agreement include an annual 12% interest rate and was payable in full on November 30, 2012. The Corporation and the lender are in discussions to amend the term to a mutually agreed date of repayment.
CLARIFICATION: On December 28, 2012, the Corporation announced that its wholly owned subsidiary, Blue Horizon Bio-Diesel had entered into 2 short-term loan agreements for $382,000. In the Press Release the Corporation stated: "The funds will be used to purchase the re-newable diesel demonstration plant located in Reno, Nevada" The Corporation would like to clarify that this was a capital lease-purchase agreement in the amount of $332,000 together with a $50,000 short-term loan. The capital lease-purchase agreement includes a 0% annual interest component, and is payable in full on or before December 31, 2013, and the loan includes an annual rate of 12% and is payable on or before November 30, 2013. The Corporation also wishes to state that it anticipates full repayment according to the terms of the capital lease-purchase and the loan.
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 working with BH Bio-Diesel on the dismantling and re-erection of the demonstration plant while BH Energy is the Operator in exploration interests for oil and gas in Western Canada having participated in 3 test wells and one horizontal well 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 renewable-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.
