Blue Horizon Industries Inc. Has Completed the Transaction With Cielo Gold Corp.
(firmenpresse) - RED DEER, ALBERTA -- (Marketwired) -- 08/02/13 -- Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX: BH) announced that its indirect wholly-owned subsidiary, Blue Horizon Bio-Diesel Inc ("BHBD") and its partner Cielo Gold Corp. ("Cielo") (CNSX: CMC) have now closed the asset purchase agreement announced on January 17, 2013.
Pursuant to the terms of the Interim Agreement, Cielo agreed to purchase certain assets (the "Assets") and certain liabilities of BHBD for consideration of $4.5 million. The parties agreed to amend the originally announced terms to increase the consideration from $4.25 million to $4.5 million, which amount will be payable by way the issuance of common stock in the capital stock of Cielo in 18 monthly allotments at a value of $0.25 per share totaling $250,000 per month.
Don Allan, President and CEO of Blue Horizon said "This is a significant step for BHBD and Cielo, which brings us one step closer to commercialization while increasing shareholder value. We anticipate that Cielo will have the means to take the technology to the next level".
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 ("BHBD") 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 BHBD 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 BHBD 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.
Further information with respect to the Blue Horizon Group of Companies can be obtained by visiting: .
Neither the Canadian National Stock Exchange nor its Market Regulator accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are 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 . The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Contacts:
Blue Horizon Industries Inc.
Donald Allan
President & CEO
(403) 340-0864
(403) 343-3572 (FAX)
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Datum: 02.08.2013 - 13:46 Uhr
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News-ID 1251406
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