Sterling Construction Company, Inc. (NasdaqGS:STRL) (“Sterling” or “the
Company”) today announced that it was the apparent low bidder on a $65.4
million Texas Department of Transportation (“TxDOT”) project entailing
work on State Highway 199 in Tarrant County. The project, which consists
of the construction of three cast-in-place post-tensioned box girder
bridges, retaining walls, street reconstruction and landscaping, is
expected to begin in August 2014 and be completed by mid-2018.
Additionally, Sterling was the apparent low bidder on a $19 million
TxDOT project for work on US 377, also in Tarrant County. The project
consists of urban street widening from five to six lanes including storm
drain improvements, sound walls and retaining walls, and is expected to
start in June 2014 and be completed by mid-2017.
Peter MacKenna, Sterling’s President & Chief Executive Officer,
commented, “We are pleased to have won these two
important TxDOT projects. State Highway 199 will have distinctive
signature bridges near downtown Fort Worth, and is a part of
the larger Trinity River Vision Project. US 377 is a critical artery in
the Fort Worth roadway system that will relieve heavy traffic in the
area. These are great opportunities for our management team to
demonstrate the rigorous processes and controls we will use to manage
them. We look forward to providing updates on the progress of these jobs
in the coming quarters and years.”
Sterling is a leading heavy civil construction company that specializes
in the building and reconstruction of transportation and water
infrastructure projects in Texas, Utah, Nevada, Arizona, California,
Hawaii, and other states where there are construction opportunities. Its
transportation infrastructure projects include highways, roads, bridges
and light rail and its water infrastructure projects include water,
wastewater and storm drainage systems.
This press release includes certain statements that fall within the
definition of “forward-looking statements” under the Private Securities
Litigation Reform Act of 1995. Any such statements are subject to risks
and uncertainties, including overall economic and market conditions,
federal, state and local government funding, competitors’ and customers’
actions, and weather conditions, which could cause actual results to
differ materially from those anticipated, including those risks
identified in the Company’s filings with the Securities and Exchange
Commission. Accordingly, such statements should be considered in light
of these risks. Any prediction by the Company is only a statement of
management’s belief at the time the prediction is made. There can be no
assurance that any prediction once made will continue thereafter to
reflect management’s belief, and the Company does not undertake to
update publicly its predictions or to make voluntary additional
disclosures of nonpublic information, whether as a result of new
information, future events or otherwise.
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