CEMATRIX Announces $4.5 Million in New Contracts as Backlog Continues to Grow
22 March 2023 - 11:30PM
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 $4.5 million in new contracts in
2023.
Factoring in the $4.5M in contracts executed,
converted contracts, the increase in contracts in process of $1.6
million and sales completed to the end of February 2023, the
Corporation’s backlog has increased to $87.2 million, a 10%
increase compared to CEMATRIX’s sales adjusted backlog of $79.5
million at December 31, 2022. $40.2 million of the Corporation’s
current backlog is now Contracted and $47.0 million is Contracts in
Process. $30.9 million of the current backlog is scheduled for
2023, of which $25 million are contracted.
“The $4.5 million in contracts executed since
our last contract announcement are for geotechnical infrastructure
projects across North America,” stated Jeff Kendrick, CEMATRIX
President and CEO. “Organic growth continues to be strong in all
regions of North America as evidenced by our strong back log and
our growing sales pipeline. We
continue to see increased demand for our products as evidenced by
our sales pipeline which now exceeds $420 million.”
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 that have been
requested as part of a infrastructure construction tender document
listed on one of the construction project data bases like 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
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