April 1, 2014 – Wayne Gordon, Chair of the Inuvialuit Development Corporation (IDC) and Okalik Eegeesiak, Chair of Nunasi Corporation are pleased to announce that an agreement has been reached for IDC to purchase Nunasi’s 50% interest in NorTerra Inc.
It was determined that the purchase was in the best interest of both parties, allowing IDC the opportunity to focus on NorTerra’s operations and for Nunasi to focus on its restructuring to be more accountable to Nunavut beneficiaries.
“Under IDC’s ownership, NorTerra and its subsidiaries will continue to operate as usual,
and customers can be assured that there will be no change in the level of service provided by the companies, including Canadian North’s operations in Nunavut and NTCL’s operations in the Kitikmeot,” said Gordon.
“We are pleased to have completed a win-win business transaction with our colleagues at IDC. With the sale of the NorTerra Inc. shares, the Nunasi Board of Directors has positioned Nunasi to grow our businesses and align our business interests with the three Regional Development Corporations for the betterment of Nunavummiut,” said Eegeesiak.
Nunasi and IDC will continue to promote business growth in the Arctic together. IDC and Nunasi are shareholders of two other companies, National Aboriginal Services Company (NASCo) and Pan Arctic Inuit Logistics (PAIL).
For further information, please contact:
The Inuvialuit Development Corporation is a 100% Inuvialuit owned investment, venture capital and management holding company, offering a fully integrated package of expertise, skills, and resources to support industry ventures in the Western Arctic.
Nunasi Corporation is a 100% Inuit owned and Nunavut owned business Development Company, with investments in construction, real estate, logistics, expediting, bulk fuel storage and supply, medical boarding
homes and digital communications.
NorTerra is a private investment-focused management and holding company that has serviced Canada’s North since 1985. NorTerra’s member companies include:
- Canadian North – Canada’s foremost northern jet airline: providing scheduled passenger and cargo services throughout the Northwest Territories and Nunavut and charter services across North America.
- Northern Transportation Company Limited (NTCL) – A major provider of marine transportation: handling freight and cargo across Canada, Alaska and the Arctic.
- Braden-Burry Expediting (BBE) – One of the largest logistics companies in Northern Canada offering global expediting, supply chain logistics, project staffing and freight and cargo handling.
- Northern Industrial Sales(NIS) – A supplier of industrial equipment
supplies serving the logging, forestry, oil, gas and mining industries through 13 branches as well as individuals in Northern British Columbia and Alberta.
- Weldco-Beales Manufacturing – manufacturer of custom-designed heavy equipment attachments and truck mounted telescopic cranes for original equipment manufacturers (OEMs) dedicated to servicing the construction, resource, forestry, mining, scrap recycling and road maintenance industries.