CALGARY, Alberta, Sept. 08, 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 its wholly owned operating subsidiaries, CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO’) have contracted several projects with a total value of $4.0 million CDN. One project is a $2.1 million pipeline bedding project, which is scheduled to commence in January of 2021. The balance represents smaller projects located throughout Canada and the U.S.
Factoring in a $2.5 million CDN reduction in reported total contract balance as a result of a stronger Canadian dollar, total contracted and verbally awarded (mainly contracts in process) projects now sit at $82.1 million CDN. $46.0 million CDN of this $82.2 million CDN total backlog is currently scheduled to be completed in 2021/22.
“While the Corporation has experienced some delays in projects, the Company continues to add to its contracted sales and total backlog (before exchange difference) and continues to see a more robust project pipeline on both sides of the border for the foreseeable future,” stated Jeff Kendrick, CEMATRIX President and CEO. “The Corporate Groups sales pipeline now exceeds $335 million not including government backed projects that have budgeted over one trillion dollars in replacement infrastructure spending.”
“One of our staff members has tested positive for COVID-19. This individual is under quarantine and is recovering at home. The balance of our employees remain safe and healthy, as we continue to service our customers during these unprecedented times. We are pleased to announce that there hasn’t been any further significant project delays since our last corporate update and no projects have been cancelled,” 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) 219-0484
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 6, 2020 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.
