Premier Christy Clark Launches $100 Million Britco Project
Contract to Provide Equivalent of 275 Full Time Jobs for a Year
VANCOUVER, BC (September 27, 2013) Premier Christy Clark will be in Penticton today to launch an approximately $100 million project for BC-based Britco, one of the largest modular construction companies in Canada, and a division of WesternOne Inc. ("WesternOne") (Toronto Stock Exchange: WEQ, WEQ.DB, WEQ.DB.B and WEQ.DB.C).
The project involves Britco designing and building accommodations for a large workforce housing project in Northern Alberta for Devon Energy Corporation, a major oil and natural gas exploration and production company. The workforce accommodations will be comprised of over 1,500 rooms that will be built in Britco's modular construction facilities in Agassiz and Penticton, British Columbia.
Premier Clark will be meeting about 250 Britco employees, suppliers, and sub-contractors at Britco's Penticton facility, "Britco's success shows that our plan to attract investment in B.C.'s energy and resource sector will pay off in jobs and opportunities for citizens across the province."
Premier Clark's focus on job creation is also based on diversifying the BC economy and attracting new investment, "As we reach out to new markets and customers in Asia, we are providing opportunities for companies right here in British Columbia like Britco to invest in their businesses, to expand their operations and to create new jobs."
This will be the second project undertaken by Britco for Devon. Earlier this year, Britco completed work on an 880 room workforce accommodation facility in the same region. Work on the new project will start in October of this year and the project is scheduled to be completed and fully commissioned in December of 2015.
"These types of housing projects are an important element in our business success", stated Chris Seasons, President, Devon Canada Corporation. "In order to draw the best and brightest to work on our successful oil sands projects, we need superior accommodations. Britco delivered a quality product safely and on time. They are an excellent example of oil sands benefits flowing directly to the people and province of British Columbia."
Large projects such as those for Devon have not only driven job growth at Britco across British Columbia but also have helped establish Britco as a leading provider of workforce accommodations in Canada. Britco's workforce in BC has more than doubled in recent years and the company now has over 500 employees in Western Canada.
"We are proud to be working with Devon on this important project and look forward to designing and building one of the most advanced workforce accommodation complexes anywhere in
Suite 910, 925 West Georgia Street • Vancouver • British Columbia • Canada • V6C 3L2 • Telephone (604) 678-4042 • Fax (604) 681-5969
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Canada," said Rob King, CEO of WesternOne.
The primary driver for Britco's growth in recent years has been the demand for workforce housing in the energy, mining and infrastructure sectors in Western Canada and the United States.
Last year, Britco signed a contract to design and build a 2,000 room workforce accommodation complex for Manitoba Hydro. The project involves providing workforce accommodations required for the construction of the Keeyask Generating Station Project in Northern Manitoba.
Stated King, "Work on projects in the resource and energy sector in BC's north and in Alberta has allowed us to not only create jobs here in BC but also has provided us with the opportunity to expand internationally to Australia and to the United States."
Combined, Britco has approximately 1,000 employees working at its operations in Canada, Australia and the United States.
Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to: the design and build of a large workforce housing project in Northern Alberta, the particular facilities to be used by Britco to manufacture the required modular buildings, and the start and completion dates of the project. Actual events or results may differ materially.
Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne, including, without limitation, expectations and assumptions respecting: the outlook of WesternOne's business and the economy in Western Canada, the supply and demand for WesternOne's products and services and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne's management believes to be reasonable assumptions, WesternOne cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found
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under "Risk Factors" in WesternOne's Annual Information Form dated March 28, 2013 and Management's Discussion and Analysis dated August 14, 2013, which are available on SEDAR (www.sedar.com).
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne. The forward-looking information is made as of the date of this press release and WesternOne assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate stable and growing dividends to its shareholders and to achieve capital. Additional information relating to WesternOne and other public filings is available on SEDAR at www.sedar.com or on WesternOne's website at www.weq.ca.
With over 1,000 employees in Australia, Canada, and the United States, Britco is one of the largest modular construction companies in the industry.
Britco provides temporary and permanent residential and commercial modular buildings and offers leading design-build capabilities as well as turn-key construction project management services for a wide range of customers in the infrastructure, construction, energy and resource sectors.
Britco is headquartered in Langley, British Columbia. Additional information about Britco is available at www.britco.com or www.weq.ca.
For investor relations information, please contact:
Andrew Greig, Manager of Investor Relations
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 678-4042
Toronto Stock Exchange: WEQ, WEQ.DB, WEQ.DB.B and WEQ.DB.C
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.