CEMATRIX Corporation Announces Record $23.5M USD Project Award; Provides COVID 19 Update
CALGARY, Alberta, Dec. 22, 2020 (GLOBE NEWSWIRE) — CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or “CEMATRIX”) a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced that one of its wholly owned operating subsidiaries, which includes CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO’) has been awarded a record $23.5 million USD (approximately $30.1 million CDN) tunnel project.
Factoring in a $2.7 million CDN reduction in previously reported total contracts, due mainly to a stronger Canadian dollar exchange rate and a $4.2 USD ($5.5 million CDN) project that was moved to strong possibility from a verbally awarded project, CEMATRIX’s total contracted and verbally awarded (mainly contracts in process) projects now exceeds $108.1 million CDN. The Company will continue to report on project backlog growth. However, due to the uncertainty around the timing of some of these projects as a result of COVID-19 pandemic related delays, we are no longer allocating the awarded projects to specific time periods and will be suspending guidance.“This is an incredible award for the CEMATRIX Group of Companies and a testament to the credibility and quality of our project team and our advanced technologies,” stated Jeff Kendrick, CEMATRIX President and CEO. “The award is also a testament to the increased utilization of cellular concrete in the marketplace vs legacy solutions. We expect the number of awards and size of our projects to hit new levels, especially as more and more engineers and specifiers choose our industry leading cellular concrete as their product of choice.”“I would also like to update our investors and stakeholders that as of today, our staff throughout North America continue to remain safe and COVID-19 free. Given that we have seen and reported project delays due to the pandemic, we are delighted to finally see the rollout of effective vaccines and anticipate that pandemic related delays will begin to taper off by the third and fourth quarters of 2021, creating significant tailwinds and many growth opportunities for the CEMATRIX 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
[email protected]Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
[email protected]Forward-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 April 27, 2020 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.