CALGARY, Alberta, Oct. 29, 2019 (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’) has converted $2.4 million in U.S. and Canadian infrastructure contracts from its verbally awarded project total. These new contracts increase this year’s contracted sales to $39.8 million, of which $16.1 million are currently scheduled to carry over to 2020.
Total contracts and verbally awarded projects for CEMATRIX Group, including the contracts noted above, increased by $4.9 million to approximately $76.9 million to date, of which approximately $48.8 million are currently scheduled to carry over into 2020/21.
“The $2.4 million in new contracts represents three projects, two of which were converted to contracted from their verbally awarded projects, by CEMATRIX’s recently acquired U.S. subsidiary, PIGCO. One of the new PIGCO contracts is a large tunnel project, located in New York and is scheduled to begin this winter. The second contract is an engineered fill project located in California and is currently scheduled to commence this fall and be completed in the winter of 2020. The third project, awarded to CCI is another engineered fill project located in Canada that is scheduled to commence in the spring of 2020,” stated Jeff Kendrick, CEMATRIX President and CEO. “Furthermore, the $4.9 million increase in total contracted and verbally awarded contracts is related to another California engineered fill project secured by PIGCO, a small portion of which is currently scheduled to be completed this year, which the balance being completed in 2020. The conversion of these projects into contracts by PIGCO and CEMATRIX and the addition of this new project by PIGCO highlights the benefits of the PIGCO acquisition and the continued strong growth of cellular concrete markets throughout North America.”
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) 219-0484
Glen Akselrod – President, Bristol Capital
Phone: (905) 326 1888 ext 1
glen@bristolir.com
Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
jeff@howardgroupinc.com
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 7, 2019 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.
