CEMATRIX Announces $5.3 Million in New Contracts
14 February 2023 - 12:29AM
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
$5.3 million in new contracts.
Factoring in the $5.3 million in contracts
executed, converted contracts, the new net contracts in process of
$1.5 million and sales completed to the end of 2022, the
Corporation’s backlog has increased to $86.4 million, a 9% increase
compared to CEMATRIX’s sales adjusted backlog of $79.5 million at
December 31, 2022. $40.9 million of the Corporation’s current
backlog is now Contracted and $45.5 million is Contracts in
Process. $32.3 million of the current backlog is scheduled for
2023, of which $29 million is contracted.
“The $5.3 million executed since our last
contract announcement are for geotechnical and tunnel
infrastructure projects across North America,” stated Jeff
Kendrick, CEMATRIX President and CEO. “We have seen significant
demand in the past quarter on geotechnical and tunnel
infrastructure projects, a positive sign for growth in this
particular sector as the industry continues to embrace cellular
concrete as a viable solution to meet its complex needs.”
The total contracts executed and announced by
CEMATRIX since early in 2022 totals $49.9 million, some of which
were executed in the latter half of 2022, but most of which are
scheduled to go into the ground in 2023/24. “Organic growth
remained strong in 2022 at approximately 36% and we expect this
strong organic growth to continue for the foreseeable future as
supported by our sales pipeline which continues to exceed $380
million,” concluded Mr. Kendrick.
The Company’s sales pipeline is defined as the
estimated value of projects that the Company has been approached on
for a design or quote or both and/or from the quotes have been
requested as part of an infrastructure construction tender document
listed on one of the construction project data bases such as
Construct Connect. 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
Cematrix (TSXV:CVX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cematrix (TSXV:CVX)
Historical Stock Chart
From Apr 2023 to Apr 2024