CEMATRIX Corporation Announces Major Infrastructure Project Valued at Over $15.7M
CALGARY, Alberta, Feb. 20, 2020 (GLOBE NEWSWIRE) — CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or “CEMATRIX”) through its wholly owned operating subsidiaries, CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO”) have been awarded a new U.S. infrastructure project, with a bid value in excess of $15.7 million CDN. The gross margin generated by this project will be consistent with margins achieved on the Company’s larger projects in the past.
As a result, the company’s contracted and verbally awarded (mainly contracts in process) projects now total $73.5 million (CDN) of which approximately $36.5 million is currently scheduled to carry over into 2021/22.“The $15.7 million project requires CEMATRIX to provide load reducing fill for a large fifteen bridge/overpass project located in the Eastern United States. It is the largest project that CEMATRIX has been awarded to date and it is a clear indication of the growth of the cellular concrete market in North America,” stated Jeff Kendrick, CEMATRIX President and CEO. “The awarding of this major project further reinforces our clear leadership position in the marketplace and is a testament to the capability, reputation and support that the CEMATRIX group of companies brings to the engineering and construction community.”“This project is slated to commence in 2021 and is a tiny sample of the trillions of dollars that are required and expected to be invested into replacing aging infrastructure in the United States and Canada. North America has a major need for infrastructure investment into aging roads, bridges and tunnels in the coming years. As these infrastructure replacement programs commence, it should open up additional significant growth opportunities with expected values far beyond this recent award for CEMATRIX and our group of companies,” concluded Mr. Kendrick.ABOUT CEMATRIX
CEMATRIX is a rapidly growing, cash flow positive company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations across North America. This unique cement-based material with superior thermal protection delivers cost-effective, innovative solutions to a broad range of problems facing the infrastructure, industrial (including oil and gas) and commercial markets. Through recent acquisitions of Chicago based MixOnSite and Bellingham based Pacific International Grout, CEMATRIX is now North America’s largest Cellular Concrete company.Neither 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.For further information, please contact:Jeff Kendrick – President and Chief Executive Officer
Phone: (403) 219-0484Glen Akselrod – President, Bristol Capital
Phone: (905) 326 1888 ext 1
firstname.lastname@example.orgJeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
email@example.comForward-looking information: This news release contains certain information that is forward looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “would” or other similar words). Forward looking statements in this document are intended to provide CEMATRIX security holders and potential investors with information regarding CEMATRIX and its subsidiaries’ future financial and operations plans and outlook. All forward looking statements reflect CEMATRIX’s beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward looking information. CEMATRIX undertakes no obligation to update or revise forward looking information except as required by law. For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the CEMATRIX’s Management Discussion and Analysis dated November 7, 2019 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.