CALGARY, ALBERTA -- (Marketwire) -- 03/05/13 -- Black Diamond Group Limited (TSX: BDI) ("Black Diamond" or the "Company") is pleased to announce an indirect, wholly-owned subsidiary of Black Diamond has completed the acquisition of modular rental building assets (the "Nomad Assets") of Nomad Building Solutions Limited (the "Acquisition"). The Nomad Assets are comprised of 116 modular accommodation and accommodation-related units that are currently under a long-term contract with a major mining company in Western Australia. The Acquisition represents 428 workforce accommodation beds, bringing the total bed count in Black Diamond's Australian fleet to 1582.
This acquisition is in addition to the previously announced purchase of Nomad assets which closed on January 18, 2013.
Black Diamond paid AUD$3.75 million for the Nomad Assets (CAD$3.92 million). The Nomad Assets are unencumbered and no debt was assumed by Black Diamond at closing. Black Diamond anticipates generation of margins consistent with those generated from rental assets in North America.
The Acquisition closed on February 28, 2013, with an effective date of purchase of January 1, 2013, from which date the Black Diamond financial statements will consolidate the financial results of the Nomad Assets.
Black Diamond financed the Acquisition with a combination of cash and debt available under its existing credit facilities.
About Black Diamond
Founded in 2003, Black Diamond Group Limited is one of the fastest growing remote lodging, modular building and energy services companies worldwide. With its corporate head office located in Calgary, Alberta, Black Diamond provides world-class services to a full spectrum of industries including oil and gas, mining, power, construction, engineering, military, government and education.
Through its wholly-owned subsidiaries; Black Diamond Limited Partnership, BOXX Modular Holdings Inc., Black Diamond Australia Holdings Pty. Ltd. and through its 50% equity participation in the Black Diamond Dene Limited Partnership, Black Diamond West Moberly Limited Partnership, and Black Diamond Nehiyawak Limited Partnership, Black Diamond operates four complementary business units in seventeen strategic locations across Canada, the USA and Australia.
Black Diamond Structures rents and sells remote workforce housing and modular workspace solutions and provides associated services; Black Diamond Logistics provides turnkey lodging services, remote facility management and supply chain solutions; Black Diamond Energy Services rents and sells a complement of oilfield equipment and services and Black Diamond International rents and sells remote workforce housing and modular workspace solutions and provides associated services.
In the interest of providing Black Diamond's shareholders and potential investors with information regarding Black Diamond, including management's assessment of the future plans and operations of Black Diamond, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to the following: expectations of Black Diamond regarding the proposed Acquisition, including the timing of completion of the Acquisition, operating and financial metrics of the Acquisition, potential synergies resulting from the Acquisition, and the effect of the Acquisition on Black Diamond's operations and financial results.
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