CEMATRIX Announces a $10.7 Million Increase in Contracts
30 August 2023 - 10:30PM
CEMATRIX Corporation (TSXV: CVX) (OTCQB: CTXXF)
("
CEMATRIX" or the "
Company") a
North American leading manufacturer and supplier of technologically
advanced cellular concrete products is pleased to announce its 2023
Contracts have increased by $10.7 million bringing its total
contracts announced since the end of the fiscal 2022 year to $37.9
million and $74.9 million since August 3, 2022.
Over $40 million of the current backlog is
scheduled for 2023, a 37.9% increase compared to total sales of $29
million for the fiscal 2022 year. The $40 million in scheduled 2023
backlog is contracted and a portion of these contracts have already
been placed in 2023.
The Corporation’s backlog, which is net of sales
to the end of July, has increased to $107.7 million, a 35.3%
increase compared to the sales adjusted backlog of $79.6 million as
of December 31, 2022. The Corporations backlog is comprised of
contracts in the amount of $55.7 million and Contracts in Process
in the amount of $52 million.
“The $10.7 million increase in contracts
represents $4.7 million in new contracts along with a $6 million
increase in a previously announced contract. These new contracts
that were previously part of Contracts in Process, includes one
North Central U.S. project in excess of $1 million that is already
underway and one $2.7 million Northwest Region tunnel backfill
project that is expected to commence in early September. Both
projects are expected to be completed by the end of the year. The
$7.7 million increase in backlog related to contacts in process is
mainly attributed to two new contracts valued at over $1 million
each. These two projects are scheduled
to be commenced during the current year, but mostly completed in
2024. “The incredibly strong start to the year just keeps getting
stronger, illustrating the increased acceptance of cellular
concrete and we remain excited about our leading role in this
thriving market,” stated Jeff Kendrick, CEMATRIX President and CEO.
“2023 has seen CEMATRIX secure 17 projects in excess of $1 million
that are scheduled to commence in part in 2023, as compared to the
seven projects with similar price tags in 2022.”
“The total value of these 17 projects is $67.9
million. $35.4 million is scheduled to be completed this year and
the remaining $32.5 million is scheduled to be completed in 2024.
The balance of the backlog scheduled to be completed in 2023 is
made up of numerous projects under $1 million in total value. The
Company is on pace to significantly surpass 2022’s consolidated
sales of $29 million with improved margins as a result of shrinking
supply chain issues. The Company’s sales pipeline continues to
remain strong and currently exceeds $450 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 an infrastructure construction tender document
listed on one of the construction project databases 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,
energy and commercial markets. The Company’s wholly owned operating
subsidiaries include CEMATRIX (Canada) Inc. (“CCI”), Chicago based
MixOnSite USA Inc. (“MOS”) and Bellingham based Pacific
International Grout Company (“PIGCO’). This has made CEMATRIX a
true leader in North America’s growing Cellular Concrete
market.
CEMATRIX’s 2022 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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