Largest Contract in Company’s History to Serve as Potential Catalyst for Future Technically Challenging Projects
CALGARY, Alberta, Aug. 03, 2022 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced that its wholly owned operating subsidiaries, which include CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO’) have executed $22.5 million in new contracts, $19.7 million of which was converted from contracts in process.
Factoring in the $22.5M in contracts executed, the converted contracts, and the new contracts in process and sales completed to date, the Corporation’s backlog remains strong at $87.9 million. $42.1 million of the Corporation’s backlog is now Contracted and $45.8 million is Contracts in Process.
“The $22.5 million in contracts executed since our last contract announcement include a $20.3 million ($15.8 million USD) contract with Balfour Beatty Infrastructure Inc. (“BB”) for the backfill of several new overpasses along a new freeway corridor in North Carolina. The US 70 Design-Build Project was awarded to MOS by BB and is the largest known cellular concrete infrastructure project ever awarded in North America. This is a major accomplishment for the CEMATRIX Group of Companies,” stated Jeff Kendrick, CEMATRIX President and CEO. “The project has been subject to ongoing delays due to COVID and logistical challenges including the re-location of established businesses. This highly anticipated project is now underway, and we expect to start processing and placing material on site in early 2023 and possibly by Q4 2022.”
“It is important to note that the CEMATRIX Group was awarded this project not on price alone, but also because of our advanced technologies and product/engineering applications knowledge that enabled CEMATRIX to work with the general contractor and the owner to re-engineer the project for the benefit of all parties involved. Once completed, this project should serve as a catalyst that will enable CEMATRIX to continue to land similar, large scale technically challenging projects in the future,” concluded Mr. Kendrick.
The Corporation’s Backlog is defined as Contracted plus Contracts in Process net of sales completed to date. Contracts in Process are defined as projects where the related contract is in office for review or signature; or signed and returned to the client for their signature; or is in the post award project submission process; or is awarded by letter of intent; or is awarded by some other form of written communication.
ABOUT CEMATRIX
CEMATRIX is a rapidly growing 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. With the acquisitions of Chicago based MixOnSite and Bellingham based Pacific International Grout, has made CEMATRIX is now a true leader in North America’s growing Cellular Concrete market. CEMATRIX’s recent investment in Glavel Inc., of Burlington Vermont, a foamed glass manufacturer, has strengthened CEMATRIX’s commitment to the environment in the infrastructure construction space. For more information, please visit our website at www.cematrix.com.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Company, including satisfaction of regulatory requirements in various jurisdictions and the Company’s anticipated use of the net proceeds of the Offering. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, which could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance 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 times frames or at all. Except where required by applicable law, 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.
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
