CEMATRIX Corporation Announces $6.9M CDN in New Contracts; Provides COVID 19 Update
$42.3 million CDN of this $80.2 million CDN total backlog is currently scheduled to be completed in 2021/22.
CALGARY, Alberta, July 09, 2020 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or “CEMATRIX”) a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced that its wholly owned operating subsidiaries, CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO”) have contracted a number of new projects with a total contract value of $6.9 million CDN. Some of the new projects include a tunnel project in Texas, a bridge project in Michigan and an abandonment project in Vancouver.
With the strengthening of the Canadian dollar (a $2.3 million CDN adjustment to the last reported total contract balance), total contracted and verbally awarded (mainly contracts in process) projects now sit at $80.2 million CDN. $42.3 million CDN of this $80.2 million CDN total backlog is currently scheduled to be completed in 2021/22.
“While the Corporation continues to add to its contracted sales and total backlog (before exchange difference), CEMATRIX has experienced some delays as a result of the ongoing COVID-19 pandemic,” stated Jeff Kendrick, CEMATRIX President and CEO. “Most of the project delays were typically a few weeks but a handful of projects have been delayed by a few months or more. One of these, a Texas based tunnel project that was to begin in June was delayed because of a COVID-19 outbreak at the project site. Fortunately, we did not mobilize our staff to that location prior to the outbreak. Additionally, two projects worth approximately $1 million USD, are now expected to begin in 2021.”
“Of most importance, none of our staff have been infected by COVID-19 and no projects have been cancelled. Our employees remain safe and healthy as we continue to service our customers during these unprecedented times. With the continued addition of more projects each week, these short-term delays are not expected to affect our forecast for the year,” concluded Mr. Kendrick.
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
[email protected]
Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
[email protected]
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 April 27, 2020 under CEMATRIX’s profile on SEDAR at www.sedar.com and other reports filed by CEMATRIX with Canadian securities regulators.