CALGARY, ALBERTA--(Marketwired - March 2, 2015) - CEMATRIX Corporation (TSX VENTURE:CVX) (the "Corporation" or the "Company" or "CEMATRIX") is pleased to announce that its wholly owned subsidiary, CEMATRIX (Canada) Inc. has secured another $1.2 million in contracts, in aggregate, for oil sands and refinery and infrastructure projects. This year's total contracted work is now $9.8 million, of which $1.0 million is slated for 2016.
"CEMATRIX continues to land a record number of contracted sales and our backlog is significantly ahead of the prior year, which stood at $2 million at this same time in 2014. Of significance to CEMATRIX, is that the oil sands projects, for which we have contracts, will continue as scheduled based on re-confirmations from our customers", stated Jeff Kendrick, President of CEMATRIX.
"Furthermore, a significant portion of the Company's growth is forecasted to be in the infrastructure market in North America and that this market will continue to grow, as forecasted" Mr. Kendrick added.
In November of last year the Company announced that it had secured a record $17.3 million in contracts with $9.4 million scheduled for completion in 2014, $6.9 million in 2015 and $1 million in 2016. Changes to project schedules by CEMATRIX customers resulted in $0.7 million of this work being pushed into 2015, which was in addition to $2.1 million of contracted projects that were already re-scheduled to the first half of 2015, prior to the issue of the last news release.
This shift in the timing of projects included the Company's largest contract to date of $6.8 million, $1.5 million of which was originally scheduled to be completed in the fall of 2014. This project is now underway, but the majority of the contracted volume is now scheduled to be placed from late spring to the fall of 2014.
CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiary, is a manufacturer and supplier of technologically advanced cellular concrete products with applications in a variety of markets including oil and gas construction and infrastructure construction. Cellular concrete provides a cost and labour saving solution for various construction applications. Applications for cellular concrete include tunnel grouting; bridge abutment and retaining wall backfill; insulation of shallow utilities, roads and runways; insulation and/or structural foundations for tank bases and facilities; and as a floating base over weak and unstable or seismic prone soils, for roads and other types of infrastructure.
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.
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 August 6, 2014 under CEMATRIX's profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.