(All amounts are in Canadian dollars unless otherwise
noted.)
TERREBONNE, QC, Dec. 14,
2022 /CNW Telbec/ - The management of ADF GROUP
INC. ("ADF" or the "Corporation") (TSX: DRX), a North American
leader in the fabrication of steel superstructures, is proud to
announce the signing of new major contracts in the industrial,
transportation and public infrastructure sectors worth a total of
$228 million.
All these new orders consist in the design and engineering of
connections, the fabrication, which encompasses the supply of raw
materials (steel) and industrial coating, and the delivery of the
various steel structures and heavy steel components, as part of new
construction projects in the United
States and in the greater Montreal area.
The fabrication work of these new contracts, all characterized
by a very high tonnage and tight schedules, is planned to begin in
the coming weeks and should extend until the end of the 2023
calendar year. Both of ADF's fabrication plants and paint shops in
Terrebonne, Quebec and in
Great Falls, Montana will be
called upon to carry out these major contracts.
Mr. Jean Paschini, Chairman of
the Board of Directors and Chief Executive Officer, said, "the
year 2022 ends on a positive note and it is with optimism that we
will start the new year."
In addition, Management announces that it is removing from its
order backlog a major project valued at $131
million in the southeastern United
States concluded in June 2019.
The steel erection work of the new steel structure of a commercial
multi-storey building was scheduled to begin in early 2020.
However, due to the pandemic, this project has been delayed.
Although this project is still ongoing and the owners have
reiterated their commitment and confidence in ADF, the
Corporation's management considers its decision prudent. As soon as
the owners officially confirm the restart of their project, ADF's
management will update and reintegrate this project into its order
backlog when the time comes. It should be noted that very little
costs were incurred by ADF for this project, and that this
withdrawal from the order backlog will therefore have no impact on
the Corporation's financial results.
The Corporation's order backlog stood at $344 million as at October
31, 2022, excluding today's announcements.
About ADF Group Inc. | ADF Group Inc. is a North
American leader in the design and engineering of connections,
fabrication, including the application of industrial coatings, and
installation of complex steel structures, heavy steel built-ups, as
well as in miscellaneous and architectural metals for the
non-residential infrastructure sector. ADF Group Inc. is one of the
few players in the industry capable of handling highly technically
complex mega projects on fast-track schedules in the commercial,
institutional, industrial and public sectors. The Corporation
operates two fabrication plants and two paint shops, in
Canada and in the United States, and a Construction Division
in the United States, which
specializes in the installation of steel structures and other
related products.
Forward-Looking Information | This press release
contains forward-looking statements reflecting ADF's objectives and
expectations. These statements are identified by the use of verbs
such as "expect" as well as by the use of future or conditional
tenses. By their very nature these types of statements involve
risks and uncertainty. Consequently, reality may differ from ADF's
expectations.
SOURCE ADF Group Inc.