|By Marketwired .||
|January 17, 2013 08:15 PM EST||
RED DEER, ALBERTA -- (Marketwire) -- 01/18/13 -- Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announced today that its indirect wholly owned subsidiary Blue Horizon Bio-Diesel Inc ("BH Bio-Diesel") has entered into an Interim Agreement with Cielo Gold Corp ("Cielo") (CNSX: CMC).
BH Bio-Diesel has entered into an Interim Agreement with Cielo Gold Corp ("Cielo") wherein Cielo has agreed to purchase certain assets (the "Assets") and certain liabilities of BH Bio-Diesel for consideration of $4.25 million payable in the form of two convertible debentures (collectively, the "Debentures") issued by Cielo (the "Transaction"). The first debenture (the "First Debenture") will bear interest at an annual rate of 6% and will be in the amount of $2 million, due on the first anniversary of such First Debenture, payable in cash or, at the election of Cielo, in common shares of Cielo at a CDN$0.25 per share price (the "Conversion Price"). The second debenture (the "Second Debenture") will bear interest at an annual rate of 6% and will be in the amount of $2.25 million, due on the second anniversary of such Second Debenture, payable in cash or, at the election of Cielo, in common shares of Cielo at the greater of (A) the 10-day volume weighted average of the trading price of the common shares of Cielo on the date of payment, or (B) CDN$0.25 per share (the greater of (A) or (B) being the "Conversion Price"). BH Bio-Diesel will have the right after the respective due dates of the Debentures to convert the principal and interest payable by Cielo into common shares at the Conversion Price therefor.
Closing of the Transaction is subject to customary closing conditions including the completion of a definitive asset purchase agreement as soon as practicable and the completion of due diligence, execution of closing documentation and applicable regulatory approvals, expected to occur on or about March 29, 2013.
The President and CEO of BH Bio-Diesel, Mr. Don Allan, has agreed to be appointed as CEO of Cielo upon closing of the Transaction, and will also be appointed to the Board of Directors of Cielo at that time. Cielo will then add to its corporate focus on becoming a world class green diesel refinery using waste products to manufacture a renewable grade diesel.
The Assets include a renewable fuel oil demonstration plant that is currently being assembled and is expected to be ready for operation later this month. It is Cielo's goal to complete the upgrades required to produce an ultralow sulphur highway grade diesel to meet Canada's mandate of 2% renewable content in each liter of diesel produced and sold. Cielo hopes to begin commercial production of renewable diesel in 2013, using municipal waste and used oil. This feed stock is readily available and very inexpensive in comparison to the typical bio-diesel feed stocks. Cielo sees the opportunity to help clean up the environment while potentially earning significant higher Return On Investments.
Don Allan, President and CEO of Blue Horizon said "It is a pleasure to have the opportunity to work with Cielo, its current management and Board of Directors. This is a very large step forward in the waste-to-fuel refining technology BH Bio-Diesel has been developing, and proposes to bring a significant benefit to shareholders of the Corporation, as well as the shareholders of Cielo".
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, 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 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.
Blue Horizon Industries Inc.
President & CEO
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 25, 2016 03:30 AM EDT Reads: 2,110
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 25, 2016 02:30 AM EDT Reads: 2,140
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 02:15 AM EDT Reads: 457
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 25, 2016 02:00 AM EDT Reads: 1,776
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 25, 2016 02:00 AM EDT Reads: 1,891
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 25, 2016 01:15 AM EDT Reads: 1,602
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Aug. 25, 2016 01:00 AM EDT Reads: 1,972
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 25, 2016 12:45 AM EDT Reads: 1,903
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Aug. 25, 2016 12:30 AM EDT Reads: 2,073
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 25, 2016 12:00 AM EDT Reads: 2,975
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 24, 2016 10:30 PM EDT Reads: 1,458
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Aug. 24, 2016 10:30 PM EDT Reads: 2,012
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 24, 2016 09:15 PM EDT Reads: 1,673
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 24, 2016 04:45 PM EDT Reads: 1,326
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 24, 2016 04:15 PM EDT Reads: 2,559