CEMATRIX Announces $5.9 Million in New Contracts, Backlog Continues to Grow to $95.7 Million
CALGARY, Alberta, June 06, 2023 (GLOBE NEWSWIRE) -- 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 it has executed $5.9 million in new contracts to bring total contracts announced since the end of the fiscal year to $21.7 million and $58.3 million since August 3, 2022.
$38.2 million of the current backlog is scheduled for 2023. $34 million of the 2023 backlog is contracted and a portion of these contracts have already been placed in 2023. To date, the current backlog already represents a 31.7% increase compared to total sales for 2022, an increase that will continue to rise as new contracts are announced and completed for the remainder of 2023.
The Corporation’s backlog has increased to $95.7 million, a 19.8% increase compared to the sales adjusted backlog of $79.6 million as of December 31, 2022. $47.8 million of the Corporation’s current backlog is now Contracted and $47.9 million is Contracts in Process.
“The $5.9 million in contracts executed since our last contract announcement includes a $1.3 million tunnel grouting project in the Gulf States and a $1.2 million bridge backfill project in the Northwest U.S. The balance of the new contracts included in this announcement are for various types of infrastructure applications across North America with price tags below $1 million,” stated Jeff Kendrick, CEMATRIX President and CEO. “Furthermore, our backlog now includes a 12th project in excess of $1 million that is scheduled for full or partial completion in 2023 bringing the total expected 2023 sales related to projects in excess of $1 million to $26.1 million. The new addition to $1 million plus contract and contracts in process relates to a larger $3.7 million overpass/structural wall panel backfill project which is scheduled to be commenced before the end of the year and carry on into 2024. Although our backlog continues to be realized, the continued organic growth of the North American market is not only sustaining our backlog, but in fact growing it. After deducting sales, our backlog to the end of April is now 229% of last year’s sales and this is supported by our sales pipeline which has grown to more than $440 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, 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 .
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 Capital
Phone: (905) 326 1888 ext 1
Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
