CALGARY, Alberta, March 11, 2019 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or “CEMATRIX”) announces that its wholly owned operating subsidiaries, CEMATRIX (Canada) Inc. and MixOnSite USA Inc. have secured $2.7 million in new Canadian and U.S. infrastructure contracts. These new contracts increase this year’s contracted sales to $14.0 million, approximately $11.3 million of which was carried over from 2018. The 2018 carryover includes the $8.2 million originally forecasted to be carried over at Nov 5, 2018, our last contract release date, plus $3.1 million of contracted projects on that date, which were originally scheduled to be completed in 2018.
Total contracts and verbally awarded projects for CEMATRIX Group, are approximately $23.4 million as of this date, of which approximately $3.8 million are scheduled to carry over into 2020.
“Our total contracted and verbally awarded projects scheduled to be completed in 2019 of $19.6 million already exceeds last year’s sales total and represents a significant amount of the $25 million forecasted for 2019,” stated Jeff Kendrick, CEMATRIX President and CEO. “It is important to note that a significant portion of the contracted and verbally awarded projects currently in place for 2019 are scheduled to be completed before the end of the second quarter ended June 30, 2019, which is an exceptional start for 2019.”
On the acquisition front, the CEMATRIX board of directors has approved moving forward with the acquisition of Pacific International Grout Company (“PIGCO”), based on the successful result of the Company’s due diligence to date, but subject to the positive completion of the Corporations due diligence and the obtaining of appropriate financing for the transaction. Our diligence continues with the appraisal of the PIGCO equipment, which will support the due diligence and work being completed by our investment bankers on CEMATRIX and PIGCO, prior to their marketing of the CEMATRIX financing opportunity in their U.S. markets. Management is hopeful that this transaction will be completed within a reasonable amount of time.
CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiaries, is a rapidly growing company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations. This unique cement-based material with superior thermal protection, delivers a cost-effective, innovative solution to a broad range of problems facing the infrastructure, industrial (including oil and gas) and commercial markets.
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
Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
jeff@howardgroupinc.com
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 8, 2018 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.