CALGARY, Alberta, Feb. 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 Canadian and U.S. infrastructure contracts totaling $5.7 million (CDN). Approximately $3.8 million of these infrastructure contracts were converted from verbally awarded to signed agreements.
The company’s contracted and verbally awarded (mainly contracts in process) projects total $57.8 million (CDN) of which approximately $20.8 million is currently scheduled to carry over into 2021/22.
“The $5.7 million in new contracts represents several infrastructure project wins. These projects are predominantly located throughout the U.S., but a portion of these new contracts will be completed in Canada as well” stated Jeff Kendrick, CEMATRIX President and CEO. “The vast majority of these new projects are currently scheduled to be completed this year.”
“2020 revenue forecasts are projecting upward. A portion of two contracted California projects that were scheduled to be completed in December 2019, were pushed into February/April 2020 due to the delay in site preparation by the general contractors. Several Eastern Canadian contracted projects that were scheduled for 2019 were also pushed into the spring of 2020 due to the unseasonably cold fall weather in Ontario. These rescheduled U.S. and Canadian projects will generate additional revenue of $2.9 million (CDN) for 2020. As a result of these scheduling changes and project delays, CEMATRIX is updating its sales guidance for 2019 to approximately $22.6 million (CDN). Management wishes to reiterate that these projects were not lost; only delayed. Even though these projects are expected to be completed in 2020, CEMATRIX has not increased its guided sales forecast for 2020 in order to compensate for other potential scheduling changes that could occur at the end of 2020.”
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
glen@bristolir.com
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 7, 2019 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.