Black Diamond logo

BDI - Black Diamond News Story

C$4.03 0.2  5.5%

Last Trade - 6:35pm

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £129.1m
Enterprise Value £250.1m
Revenue £104.2m
Position in Universe 631st / 2712

Black Diamond Group and LodgeLink Announces $3 Million of Funding from the Opportunity Calgary Investment Fund

Wed 16th December, 2020 12:00pm
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20201216:nGNX35Cs7b&default-theme=true


CALGARY, Alberta, Dec. 16, 2020 (GLOBE NEWSWIRE) -- LodgeLink, a wholly owned
subsidiary of Black Diamond Group Limited (TSX:BDI) is pleased to announce up
to $3 million of funding through the Opportunity Calgary Investment Fund
(“OCIF”).

LodgeLink’s digital B2B workplace travel platform links hotels, remote camps
and lodges, ground transportation and airlines, duty of care, and other
service providers with businesses seeking crew travel solutions. The platform
facilitates workforce logistics management, provides better visibility and
cost control, and creates digital efficiencies for accounts payable
technologies and consolidating payments for an organization’s crew travel.
The platform is undergoing continued development to include mobile apps, GPS
mapping, automated reporting and predictive analytics, integration of key
supplier software (such as duty of care), and direct links to air and ground
transportation.

LodgeLink recognized an opportunity in the market for providing a platform to
efficiently connect the supply and demand of room and accommodation bookings
for companies employing field crews. There was strong early traction on the
platform with remote workforce camps in Canada with a number of industrial
customers. LodgeLink has since scaled rapidly and now lists more than 2,000
hotels and lodge properties on its platform, representing over 200,000 rooms,
and serves more than 500 companies in Canada and the United States.

“LodgeLink is applying innovative technology to transform workforce
travel,” said Trevor Haynes, CEO LodgeLink and Chairman & CEO Black Diamond
Group. “In partnership with OCIF, we’re recruiting and relocating strong
tech-based talent while also developing local expertise in Calgary to further
build the capabilities of the LodgeLink platform, which is key to our rapid
growth and continued success.”

“The support of LodgeLink by OCIF is an investment in expanding and
broadening our tech ecosystem and working with an established industry player
to apply technology in solving an industrywide challenge. We have been
extremely impressed with Trevor and the entire team at LodgeLink and are
excited to support our collective vision of helping to digitize and transform
industries in Calgary,” said Mark Blackwell, Chair of the OCIF Board of
Directors and Partner at Builders VC.

The OCIF funding will support the expected creation of approximately 300 tech
jobs along with an anticipated equal amount of commercial and administrative
positions over the next five years in Calgary – including software
developers and systems and data analysts. LodgeLink will base its technical
operations to support its expanded digital platform in Calgary to service
companies with widely dispersed workforces in locations in Canada, the United
States and Australia.

“It’s been obvious for a while now that the professional skills already
abundant in Calgary could be put to use in innovating cross-sector. LodgeLink
is the latest example of that, and the creation of these 600 jobs is just the
beginning,” said Mayor Naheed Nenshi, a member of the OCIF Board of
Directors.

Despite significantly weaker North American travel volumes due to the ongoing
COVID-19 pandemic, LodgeLink continues to gain traction with its growing base
of over 500 corporate customers. Since July of 2020, LodgeLink has seen
significant year-over-year increases in monthly booking volumes, with total
bookings running approximately two times higher than the comparative period in
2019. Given the current pace of demand and booking growth, Black Diamond
believes LodgeLink is on track to see continued momentum and accelerated
expansion into 2021 and beyond.         

About Black Diamond Group
Black Diamond is a specialty rentals and industrial services Company with two
operating business units - Modular Space Solutions (MSS) and Workforce
Solutions (WFS). We operate in Canada, the United States, and Australia. MSS
through its principal brands, BOXX Modular, Britco, MPA, and Vanguard, owns a
large rental fleet of modular buildings of various types and sizes. Its
network of local branches rent, sell, service, and provide ancillary products
and services to a diverse customer base in the construction, industrial,
education, financial, and government sectors. WFS through its principal
brands, Black Diamond Camps and Black Diamond Energy Services, owns a large
rental fleet of modular accommodation assets of all types and sizes and a
fleet of liquid and solid containment assets. Its regional operating terminals
rent, sell, service, and provide ancillary products and services including
turn-key operated camps to a wide array of customers in the resource,
infrastructure, construction, disaster recovery, and education sectors. The
WFS business unit also includes the Company’s wholly owned subsidiary,
LodgeLink, which operates a digital marketplace for business-to-business crew
accommodation, travel, and logistics in North America.

Learn more at www.blackdiamondgroup.com.

About LodgeLink:
LodgeLink is a Calgary-based company that leverages technology to deliver
efficiency and cost control for complex workforce travel. We offer
an-end-to-end crew travel management solution, from accommodation to
transportation. LodgeLink has over 200,000 rooms and more than 2,000 hotel and
lodge properties listed on our platform, and access to essentially all
properties throughout Canada and the United States. To learn more visit:
www.lodgelink.com LodgeLink is a wholly owned subsidiary of Black Diamond
Group Limited.

About Opportunity Calgary Investment Fund:  

Opportunity Calgary Investment Fund was created as a wholly owned subsidiary
of The City of Calgary in 2018 to support catalytic investments within the
city to help diversify and transform the economy. The Fund is administered by
Calgary Economic Development and has a volunteer Board of Directors. For more
information,
visit https://calgaryeconomicdevelopment.com/about-us/initiatives/opportunity-calgary-investment-fund

Investor and Media Inquiries
Jason Zhang at 403-206-4739 or investor@blackdiamondgroup.com

To sign up for news alerts please go
to https://www.blackdiamondgroup.com/investor-centre/news-alerts-subscription/.

Cautionary Note Regarding Forward-Looking Statements 
Certain information set forth in this news release contains “forward looking
statements” as defined under applicable Canadian securities laws. Forward
looking statements can generally be identified by the use of forward-looking
terminology such as “may”, “will”, “expect”, “intend”,
“estimate”, “anticipate”, “believe”, “continue”, “plans”
or similar terminology. Forward looking statements in this news release
include, but are not limited to, statements with respect to the Company’s
expected job creation and hiring numbers, funding amounts from OCIF, its
service offerings and expansion plans. Although the Company believes that the
expectations reflected in the forward-looking statements contained in this
news release, and the assumptions on which such forward-looking statements are
made are reasonable, there can be no assurances that such expectations or
assumptions will prove to be correct. Readers are cautioned that assumptions
used in the preparation of such statements may prove to be incorrect. Events
or circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks, uncertainties and
other factors, many of which are beyond the control of the Company. These
risks include, but are not limited to: the impact of general economic
conditions, industry conditions, fluctuation of commodity prices, the impact
of the COVID-19 pandemic, the Company's ability to attract new customers and
suppliers, failure of counterparties to perform on contracts, industry
competition, availability of qualified personnel and management, timely and
cost effective access to sufficient capital from internal and external
sources, political conditions, dependence on suppliers and stock market
volatility. The risks outlined above should not be construed as exhaustive.
Additional information on these and other factors that could affect the
Company’s operations and financial results are included in Black Diamond
Group Limited's annual information form for the year ended December 31, 2019
and other reports on file with the Canadian Securities Regulatory Authorities
which can be accessed on SEDAR. Readers are cautioned not to place undue
reliance on these forward-looking statements. Furthermore, the forward-looking
statements contained in this news release are made as at the date of this news
release and the Company does not undertake any obligation to update or revise
any of the forward-looking statements, except as may be required by applicable
securities laws.


(https://www.globenewswire.com/NewsRoom/AttachmentNg/659a5e3f-2817-453a-a50e-9b13d6d1bfdc)



GlobeNewswire, Inc. 2020
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.