CEMATRIX Announces $22.5 Million in Contracts Executed including a $20.3 Million Contract for Overpasses on a New US Freeway Corridor
03 August 2022 - 10:25PM
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 CapitalPhone: (905) 326 1888
ext 1glen@bristolir.com
Jeff Walker, The Howard Group – Investor
RelationsPhone: (888) 221-0915 or (403) 221-0915
jeff@howardgroupinc.com
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