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     390  0 Kommentare Black Diamond Provides Update on Minority Interest in Australian Manufacturing Business

    CALGARY, ALBERTA--(Marketwired - July 29, 2014) - Black Diamond Group Limited ("Black Diamond" or "the Company") (TSX:BDI) confirmed today that WesternOne Inc. ("WesternOne") is winding-down its manufacturing operations in Australia ("the Business") by placing it into voluntary administration. Black Diamond indirectly holds a 20% minority equity interest in the Business. Black Diamond anticipates the wind-down of the Business will have no impact on Black Diamond's Australian operations.

    As part of the purchase consideration for its 20% minority equity interest in the Business, Black Diamond provided an AU$5,167,500 guarantee to support the Business' credit facilities. Black Diamond anticipates that payment under the guarantee will be required. The timing and amount of such payment is uncertain. However, due to this significant change in circumstances the Company intends to provide for this guarantee in its financial statements for the period ended June 30, 2014. Such provision will not impact the Company's earnings before income, taxes, depreciation and amortization.

    "The wind-down of the Business will be dealt with by WesternOne as they have managed and operated the Business since its acquisition," said Trevor Haynes, President and CEO of Black Diamond Group. "Black Diamond's Australian business platform is asset-based and while there has been weakening of our utilization rates, our existing assets service current market demand and continue to generate positive cash flow. As our business is based on the deployment and rental of assets we are confident in the viability of our operations in this region. Our Company will continue to pursue and invest in projects and build our sales and operations teams in Australia."

    In North America, Black Diamond continues to see ongoing growth for our products and services, driven by oilsands, infrastructure spending, potential LNG-related activity and general construction.

    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 wide spectrum of industries including oil and gas, mining, power, construction, engineering, military, government and education.

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    Black Diamond Provides Update on Minority Interest in Australian Manufacturing Business CALGARY, ALBERTA--(Marketwired - July 29, 2014) - Black Diamond Group Limited ("Black Diamond" or "the Company") (TSX:BDI) confirmed today that WesternOne Inc. ("WesternOne") is winding-down its manufacturing operations in Australia ("the Business") …