NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW
CALGARY, Alberta, May 21, 2026 (GLOBE NEWSWIRE) -- High Arctic Overseas Holdings Corp. (TSXV: HOH) ("High Arctic Overseas" or the "Corporation") is pleased to announce that today it agreed to terms with Atlas Copco Australia Pty Limited ("Atlas Copco") for High Arctic's appointment as the authorised sole distributor of Atlas Copco Power Technique products for Papua New Guinea.
Mike Maguire, High Arctic Chief Executive Officer commented on the appointment "I am excited to have reached agreement with Atlas Copco and am proud to place their brand next to our logo in Papua New Guinea. Atlas Copco is a name synonymous with quality across industries and across the world. We believe that together, we can bring technical solutions that our customers can rely upon, in one of the worlds most exciting developing economies. I am particularly pleased with the further development opportunities this will create for our local PNG workforce as Atlas Copco certified service technicians."
The appointment includes a commitment to work together through an initial 2-year period to establish and promote the Atlas Copco brand in PNG. Initial efforts will focus on the need for efficient high quality, power generation, energy storage systems, mobile lighting plants and air compression equipment that incorporate the latest Atlas Copco technology.
Following the establishment phase sales, rentals and after-market service are expected to contribute meaningfully to High Arctic's "non-drilling" revenue growth over the medium term. We estimate that construction and resource project expenditures in PNG averages between US$2-3billion annually, with light equipment sales and rentals representing approximately 2-5% of that expenditure.
Alexandre Leite, Atlas Copco Regional General Manager - Oceania, said "We have been looking for a pathway to unlock the potential we see in the PNG market. In High Arctic we believe that we have found the right partner with a long-established foundation in Papua New Guinea. We look for partners that share our values of Interaction with customers and stakeholders, Commitment to the long term in PNG and Innovation reflected in everything they do. At Atlas Copco we deliver high-quality technologies and services that optimize our customers' productivity, competitiveness and environmental performance. By doing so, we transform the future. I am excited to begin the journey with High Arctic to transform the future for the people of Papua New Guinea"
Mike Maguire, added "I believe that Papua New Guinea is on the precipice of a period of major foreign investment in new and expansionary projects that will positively contribute to the nations development. We anticipate final investment decisions on LNG and mineral extraction projects later this year and across the rest of this decade. The Atlas Copco appointment contributes to our diversification strategy and is perfectly timed for maximizing potential participation in future major PNG projects. Supported by Atlas Copco's regional technical specialists, High Arctic is well positioned to provide in-country solutions and claim a significant share of the current sizeable and expanding PNG light equipment market."
About Atlas Copco.
Atlas Copco's Power Technique business area provides air, power and flow solutions through products such as mobile compressors, pumps, light towers and generators, along with a number of complementary products. It also offers specialty rental and provides services through a dedicated, global network. Power Technique innovates for sustainable productivity across multiple industries, including construction, manufacturing, oil and gas and exploration drilling. The business area is headquartered in Belgium. Product development and manufacturing units are located in Europe, Asia, South America and North America.
Atlas Copco Australia was established in 1950. The head office is located in Blacktown, Sydney, NSW. Around Australia we have a large number of branches and a large team of factory-trained technicians as well as well-stocked parts distribution centres to respond around the clock
About High Arctic ?Overseas Holdings Corp.
High Arctic delivers drilling, equipment rentals, fire protection services, asset management and workforce solutions across Papua New Guinea. Together, we combine international standards with local expertise and an unwavering focus on quality, to support oil and gas, mining, and infrastructure projects nationwide.
For further information, please contact:
Mike Maguire
Chief Executive Officer
1.587.320.1301
High Arctic Overseas Holdings Corp.
Suite 2350, 330-5th Avenue SW
Calgary, Alberta, Canada T2P 0L4
www.higharctic.com
Email: info@higharctic.com
Some of the statements in this press release, including those relating to the diversification and expansion of the Corporation's business, that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Corporation. These statements are not historical facts but instead represent only the Corporation's expectations, estimates, and projections regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Corporation's most recent annual MD&A and the Corporation's continuous disclosure documents that can be found on SEDAR+ at www.sedarplus.ca. The Corporation does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.?
