Fort St. John, British Columbia--(Newsfile Corp. - February 9, 2022) - Macro Enterprises Inc. (TSXV: MCR) (the "Company" or "Macro") announces that its wholly-owned subsidiary, Macro Pipelines Inc. ("MPI"), has successfully negotiated and executed a new construction contract for pipeline construction services.
The initial estimated value of the construction services to be provided under the contract is anticipated to be $160 million. The contract is a reimbursed cost plus fixed fee arrangement with construction commencing during the first quarter of 2022 with substantial completion targeted to be achieved by October 31, 2022 and final completion by June 30, 2023.
The Company
Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operations can be found at www.macroindustries.ca.
Forward-Looking Statement Cautions:
This news release contains certain forward-looking information and forward-looking statements (together, the "forward-looking statements"), as such terms are defined under applicable securities law, that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors, many of which are beyond the Company's control, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the expected term of the contract, the estimated value of the contract and the anticipated start and completion dates of the contract.
Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not restricted to, the ability of the counterparty to terminate for convenience, the ability of the Company to meet additional capital expenditure and working capital needs, the availability of financial support for the fulfilment of the project and the Company's receipt of amounts held back in accordance with applicable builders liens. Readers are referred to the Company's public disclosure record and annual information form for the year ended December 31, 2020, which are available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For further information please contact:
Frank Miles
President and C.E.O.
Phone: (250) 785-0033
Jeff Redmond, CPA, CA
C.F.O.
(250) 785-0033
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113242
