RED DEER, ALBERTA--(Marketwire - June 8, 2012) - Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announces that its wholly owned subsidiary Blue Horizon Energy Inc. ("BH Energy"), has sold a 3 percent working interest and an option to purchase ("the Option") a further 12 percent working interest in its Waskahigan oil asset to an arms-length purchaser, for consideration of $97,500 payable in cash. The transaction closed on June 1st, 2012.
Terms of the Option are as follows: the Purchaser has the irrevocable right to purchase a 12 percent working interest in the Waskahigan asset for a period of 45 days from the date of the transaction for an additional consideration of $390,000, payable in cash within 15 days of election to exercise the Option.
The Corporation intends to use the proceeds of the transaction and the Option (if exercised by the Purchaser) for working capital.
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.
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.