CEMATRIX Corporation Announces $2.1M in Contracts and Increases Total Backlog to $78.5M CDN
CALGARY, Alberta, April 14, 2020 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or “CEMATRIX”) through its wholly owned operating subsidiaries, CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO’) have been awarded several new infrastructure projects with a total contract value of $2.1M CDN.
Furthermore, as a result of the strengthening U.S. dollar versus the Canadian dollar, the company is increasing its forecasted project value by $2.9M CDN. As a result, the company’s contracted and verbally awarded (mainly contracts in process) projects now total $78.5M (CDN) of which approximately $40.1M is currently scheduled to carry over into 2021/22.
“Even though the business of designing, tendering and quoting infrastructure projects has slowed down a bit as a result of the COVID-19 pandemic, CEMATRIX still continues to land new projects throughout North America,” stated Jeff Kendrick, CEMATRIX President and CEO. “In addition, in order to help Americans and Canadians revive both economies, strong signals are being sent by different levels of Governments that infrastructure focused spending will be part of future stimulus packages. CEMATRIX is extremely well positioned to benefit from these infrastructure focused initiatives. This opportunity was recently confirmed in part by announcements in the U.S. to move forward on two trillion dollars’ worth of infrastructure replacement projects.”
ABOUT CEMATRIX
CEMATRIX is a rapidly growing, cash flow positive 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. Through recent acquisitions of Chicago based MixOnSite and Bellingham based Pacific International Grout, CEMATRIX is now North America’s largest Cellular Concrete company.
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
Forward-looking information: This news release contains certain information that is forward looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, expect”, “would’ or other similar words). Forward looking statements in this document are intended to provide CEMATRIX security holders and potential investors with information regarding CEMATRIX and its subsidiaries’ future financial and operations plans and outlook. All forward looking statements reflect CEMATRIX’s beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward looking information. CEMATRIX undertakes no obligation to update or revise forward looking information except as required by law. For additional information on the assumptions made and the risks and uncertainties which may cause actual results to differ from the anticipated results, refer the CEMATRIX’s Management Discussion and Analysis dated November 7, 2019 under CEMATRIX’s profile on SEDAR at and other reports filed by CEMATRIX with Canadian securities regulators.
