CEMATRIX Corporation Announces an Increase of $9.9M in Contracted and Contracts in Process
March 01 2021 - 01:30PM
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, which include CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO’) have been awarded $9.9 million in new projects, $1.7 million of which are contracted sales and $8.2 million of which are contracts in process.
Prior to the start of this is year, the Corporation’s Backlog previously included the current year’s sales. Since January 1, 2021, the Corporation’s Backlog is defined as Contracts plus Contracts in Process. Contracts in Process are defined as projects where the related contract is in office for review or signature; or signed and returned to the client for their signature; or is in the post award project submission process; or is awarded by letter of intent; or is awarded by some other form of written communication.
Including the $9.9M in new contracts and contracts in process, the Corporation’s Backlog now totals $89.1 million CDN; $10.6 million of which are Contracts and $78.5 million that are Contracts In Process.
“The majority of the new projects are U.S. based tunnelling and geotechnical projects of varying sizes,” stated Jeff Kendrick, CEMATRIX President and CEO. “Despite a slower than anticipated Canadian market, there are signs that it is beginning to rebound and we expect that Canadian sales will begin to return to pre COVID levels before the end of 2021. U.S. governments are also planning to move $1 trillion of replacement infrastructure projects forward to spur economic activity. Once approved, we anticipate that such initiatives will positively affect the cellular concrete market by the end of the year and for many years to come.”
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