March 26, 2020 / 11:05 PM / 5 days ago

BRIEF-Horizon North Logistics Announces COVID-19 Response Including Reductions To 2020 Capital Spending Program

March 26 (Reuters) - Horizon North Logistics Inc:

* ANNOUNCES COVID-19 RESPONSE INCLUDING REDUCTIONS TO 2020 CAPITAL SPENDING PROGRAM AND OTHER COSTS AND REITERATES COMMITMENT OF ALL PARTIES TO TRANSACTION WITH DEXTERRA AND FAIRFAX FINANCIAL

* HORIZON NORTH- REDUCING ITS 2020 NET CAPITAL OUTLOOK BY TWO-THIRDS

* HORIZON NORTH LOGISTICS - SALARY OF PRESIDENT AND CEO WILL BE REDUCED BY 25 PER CENT

* REDUCTION OF SUSTAINING CAPITAL FROM $13 MILLION TO APPROXIMATELY $8 MILLION, INCLUDING A PAUSE IN MAT MANUFACTURING

* COMBINED NET CAPITAL OUTLOOK IS REDUCED FROM $30 MILLION TO APPROXIMATELY $10 MILLION FOR 2020

* HORIZON NORTH LOGISTICS - REDUCTIONS IN COMPENSATION OF BOARD OF DIRECTORS OF 25 PER CENT

* HORIZON NORTH LOGISTICS - WITHDRAWING PREVIOUSLY ANNOUNCED FINANCIAL GUIDANCE WITH RESPECT TO DEXTERRA AGREEMENT Source text for Eikon: Further company coverage:

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