CEMATRIX Corporation Announces Record $23.5M USD Project Award; Provides COVID 19 Update
GlobeNewswire - 1 hour ago
CEMATRIX Corporation (TSXV:CVX.VN) (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.
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