05:18:18 EDT Thu 23 May 2024
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Cematrix Corp
Symbol CVX
Shares Issued 134,381,452
Close 2023-06-05 C$ 0.19
Market Cap C$ 25,532,476
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Cematrix receives $5.9-million in new contracts

2023-06-06 11:58 ET - News Release

Mr. Jeff Kendrick reports


Cematrix Corp. has executed $5.9-million in new contracts, bringing the total contracts announced since the end of the fiscal year to $21.7-million and $58.3-million since Aug. 3, 2022.

The backlog scheduled for 2023 is $38.2-million, with $34-million of the 2023 backlog contracted and a portion of these contracts have already been placed in 2023. To date, the current backlog already represents a 31.7-per-cent increase compared with total sales for 2022, an increase that will continue to rise as new contracts are announced and completed for the remainder of 2023.

The corporation's backlog has increased to $95.7-million, a 19.8-per-cent increase compared with the sales-adjusted backlog of $79.6-million as of Dec. 31, 2022. The corporation's current backlog now has $47.8-million contracted and $47.9-million as contracts in process.

"The $5.9-million in contracts executed since our last contract announcement includes a $1.3-million tunnel grouting project in the Gulf states and a $1.2-million bridge backfill project in the northwest U.S. The balance of the new contracts included in this announcement are for various types of infrastructure applications across North America, with price tags below $1-million," stated Jeff Kendrick, Cematrix president and chief executive officer. "Furthermore, our backlog now includes a 12th project in excess of $1-million that is scheduled for full or partial completion in 2023, bringing the total expected 2023 sales related to projects in excess of $1-million to $26.1-million. The new addition to $1-million-plus contract and contracts in process relates to a larger $3.7-million overpass/structural wall panel backfill project, which is scheduled to be commenced before the end of the year and carry on into 2024. Although our backlog continues to be realized, the continued organic growth of the North American market is not only sustaining our backlog, but in fact growing it. After deducting sales, our backlog to the end of April is now 229 per cent of last year's sales and this is supported by our sales pipeline, which has grown to more than $440-million."

The company's sales pipeline is defined as the estimated value of projects that the company has been approached on for a design or quote or both, and/or from the quotes that have been requested as part of a infrastructure construction tender document listed on one of the construction project databases like Construct Connect. The corporation's backlog is defined as contracted plus contracts in process, net of sales completed to date. 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 postaward project submission process, or is awarded by letter of intent, or is awarded by some other form of written communication.

About Cematrix Corp.

Cematrix is a rapidly growing 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, energy and commercial markets. The company's wholly owned operating subsidiaries include Cematrix (Canada) Inc., Chicago-based MixOnSite USA Inc. and Bellingham-based Pacific International Grout Company. This has made Cematrix a true leader in North America's growing cellular concrete market.

Cematrix's 2022 investment in Glavel Inc., of Burlington, Vt., a foamed glass manufacturer, has strengthened Cematrix's commitment to the environment in the infrastructure construction space.

We seek Safe Harbor.

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