FORT ST. JOHN, British Columbia, Oct. 05, 2017 (GLOBE NEWSWIRE) -- Macro Enterprises Inc. (TSX-V:MCR) (the “Company” or “Macro”) is pleased to announce that its 50/50 joint venture with Spiecapag Canada Corp. (“Spiecapag”) has successfully negotiated and executed a construction contract with Trans Mountain Pipeline L.P. for pipeline construction work on the Trans Mountain Expansion Project (the “Project”).
The contract is for the construction of approximately 85 kilometers of 36 inch pipeline along the Coquihalla-Hope corridor in British Columbia referred to as pipeline “Spread 5B”. The duration of the contract is expected to last until November 2019, with field construction to commence once the regulatory requirements for construction of the Project have been satisfied. The reimbursable type contract will be phased and has an initial estimated contract value of approximately $375 million.
Frank Miles, President and Chief Executive Officer of the Company stated, “As a British Columbia based company, we are proud to be part of this important project. We will continue to support Trans Mountain in their continual engagement with stakeholders, specifically working with Aboriginal and local communities ensuring positive working relationships now and in the future.”
Spiecapag is part of the Entrepose Group of Companies and is a subsidiary of Vinci S.A. (“VINCI”). Entrepose Group is an international contractor that designs, builds and operates production, transportation and storage infrastructures for the oil and gas and other energy markets. VINCI is a global player in concessions and construction, employing more than 183,000 people in some 100 countries. VINCI is listed at Euronext’s Paris stock exchange and is a member of the Euro Stoxx 50 index.
Macro’s core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company’s corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company’s principal operations can be found at www.macroindustries.ca.
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Readers are referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed 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 time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, 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.
For further information please contact:
President and C.E.O.
Phone: (250) 785-0033
Jeff Redmond, CPA, CA
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.