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File: KnightHawk Inc. (January 31, 2015 Press Release).pdf
PRESS RELEASE
FOR IMMEDIATE RELEASE TRADING SYMBOL: TSX-V KHA.H
March 27, 2015
KNIGHTHAWK INC. ANNOUNCES 2015 FIRST QUARTER OPERATING
RESULTS
On July 5, 2013, KnightHawk Inc. ("KnightHawk") announced that it had ceased operating its rail and
rail related operations. Toward that end, KnightHawk's indirectly wholly owned subsidiary company,
Kelowna Pacific Railway Ltd. ("KPR"), made an Assignment into Bankruptcy (the "Filing"). Boale,
Wood & Company Ltd. was named Trustee under the Filing. Further information about the Filing is
available at www.boalewood.ca.
As a result of the above decision, KPR, and KnightHawk's remaining subsidiaries, discontinued
operations and commenced the process toward an orderly disposition of its rail and rail related assets.
Net proceeds were used in part to repay any secured debt which was outstanding. The assets and
liabilities of discontinued rail and rail related operations, and rail and rail related operating results, have
been reclassified in the consolidated financial statements as Discontinued Rail Related Operations.
Earnings (loss) from discontinued rail related operations for the three months ended January 31, 2015
were ($48,000) compared to ($25,000) for the same period in 2014. The earnings (loss) from
discontinued rail related operations for the three months ended January 31, 2015 included gains (losses)
on the sale of assets of discontinued rail related operations of $1,000 compared to $5,000 for the same
period in 2014.
Earnings (loss) from Discontinued Air Operations for the three months ended January 31, 2015
were ($106,000) compared to ($53,000) for the same period in 2014. The earnings (loss) from
discontinued air operations for the three months ended January 31, 2015 and 2014 were due to
unrealized foreign exchange gains (losses) on liabilities denominated in US dollars.
By mid 2013, historic weakness in the forest products sector proved too challenging for the Company
as a whole, ultimately resulting in the discontinuation of rail and rail related operations and the above
Filing in July. Since the Filing date, the Trustee has had, and does have going forward, full authority
and responsibility over KPR and its ultimate disposition, and timing of same, in whatever form. The
Board of Directors and management of KnightHawk continue to oversee and direct the affairs of
KnightHawk and its remaining subsidiaries, with a view to safeguarding the Company's assets and
maximizing shareholder value over the long term.
KnightHawk's complete 2015 First Quarter Report is available at www.sedar.com
KnightHawk operated a short line railroad, carrying freight within British Columbia, Canada.
Further information about the company is available at www.sedar.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy
of this release. This news release may contain certain "Forward-Looking Statements". All
Page 1 of 2
statements, other than statements of historical fact, included herein are forward-looking
statements that involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially
from those anticipated in such statements. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in the Company's documents
filed from time to time with the TSX Venture Exchange and various securities commissions.
FOR FURTHER INFORMATION please contact:
Mr. Ken Fitzgerald,
Chairman and Chief Executive Officer,
KnightHawk Inc.
(604) 559-7922
Page 2 of 2
File: KnightHawk Inc. (January 31, 2015 Press Release).doc
PRESS RELEASE
FOR IMMEDIATE RELEASE TRADING SYMBOL: TSX-V KHA.H
March 27, 2015
KNIGHTHAWK INC. ANNOUNCES 2015 FIRST QUARTER OPERATING RESULTS
On July 5, 2013, KnightHawk Inc. ("KnightHawk") announced that it had ceased operating its rail and rail related opera
--->tions. Toward that end, KnightHawk's indirectly wholly owned subsidiary company, Kelowna Pacific Railway Ltd. ("KPR"),
---> made an Assignment into Bankruptcy (the "Filing"). Boale, Wood & Company Ltd. was named Trustee under the Filing. Fur
--->ther information about the Filing is available at www.boalewood.ca.
As a result of the above decision, KPR, and KnightHawk's remaining subsidiaries, discontinued operations and commenced
---> the process toward an orderly disposition of its rail and rail related assets. Net proceeds were used in part to repa
--->y any secured debt which was outstanding. The assets and liabilities of discontinued rail and rail related operations,
---> and rail and rail related operating results, have been reclassified in the consolidated financial statements as Disco
--->ntinued Rail Related Operations. Earnings (loss) from discontinued rail related operations for the three months ended
--->January 31, 2015 were ($48,000) compared to ($25,000) for the same period in 2014. The earnings (loss) from discontinu
--->ed rail related operations for the three months ended January 31, 2015 included gains (losses) on the sale of assets o
--->f discontinued rail related operations of $1,000 compared to $5,000 for the same period in 2014.
Earnings (loss) from Discontinued Air Operations for the three months ended January 31, 2015 were ($106,000) compared
--->to ($53,000) for the same period in 2014. The earnings (loss) from discontinued air operations for the three months en
--->ded January 31, 2015 and 2014 were due to unrealized foreign exchange gains (losses) on liabilities denominated in US
--->dollars.
By mid 2013, historic weakness in the forest products sector proved too challenging for the Company as a whole, ultima
--->tely resulting in the discontinuation of rail and rail related operations and the above Filing in July. Since the Fili
--->ng date, the Trustee has had, and does have going forward, full authority and responsibility over KPR and its ultimate
---> disposition, and timing of same, in whatever form. The Board of Directors and management of KnightHawk continue to ov
--->ersee and direct the affairs of KnightHawk and its remaining subsidiaries, with a view to safeguarding the Company's a
--->ssets and maximizing shareholder value over the long term.
KnightHawk's complete 2015 First Quarter Report is available at www.sedar.com
KnightHawk operated a short line railroad, carrying freight within British Columbia, Canada. Further information about
---> the company is available at www.sedar.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release. This n
--->ews release may contain certain "Forward-Looking Statements". All statements, other than statements of historical fact
--->, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assuran
--->ce that such statements will prove to be accurate and actual results and future events could differ materially from th
--->ose anticipated in such statements. Important factors that could cause actual results to differ materially from the Co
--->mpany's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange an
--->d various securities commissions. FOR FURTHER INFORMATION please contact: Mr. Ken Fitzgerald, Chairman and Chief
--->Executive Officer, KnightHawk Inc. (604) 559-7922
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