14:34:27 EDT Thu 23 May 2024
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Cematrix Corp
Symbol CVX
Shares Issued 134,381,452
Close 2023-07-18 C$ 0.185
Market Cap C$ 24,860,569
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Cematrix wins $5.9-million in new contracts

2023-07-19 09:26 ET - News Release

Mr. Jeff Kendrick reports


Cematrix Corp. has executed $5.9-million in new contracts to bring total contracts won since the end of the fiscal year to $27.2-million, and $64.2-million since Aug. 3, 2022.

The corporation's total backlog, which is net of sales to the end of June, has increased to $99.4-million, a 24.9-per-cent increase compared with the sales adjusted backlog of $79.6-million as of Dec. 31, 2022. $49.6-million of the corporation's current backlog is now contracted, and $49.8-million is contracts in process.

$39.9-million of the total backlog is scheduled for 2023. The full scheduled placement of the 2023 portion of the total backlog represents a 36.6-per-cent increase compared with total sales realized in 2022. $36.1-million of the 2023 scheduled backlog is contracted, and a portion of these contracts has already been placed in 2023.

"The $5.9-million in contracts executed since our last contract announcement include several new projects across North America. The increase in backlog related to contacts and contracts in process is mainly attributed to two new contracts valued at over $1-million, with the majority of these new projects scheduled to be completed before the end of the year," stated Jeff Kendrick, Cematrix president and chief executive officer. "Two thousand twenty-three has seen Cematrix secure 14 projects in excess of $1-million, a 100-per-cent increase compared to the seven projects with similar price tags in 2022. $27.6-million of the $39.9-million backlog scheduled for 2023 comes from these 14 projects.

"The balance of the backlog scheduled to be completed in 2023 is made up of numerous projects under $1-million in total value. While there is always a possibility that some of the backlogged projects currently scheduled for 2023 may experience delays, the company is on pace to significantly surpass 2022's consolidated sales of $29-million with improved margins as a result of shrinking supply chain issues. The company's sales pipeline also continues to grow and is currently in excess of $460-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 an infrastructure construction tender document listed on one of the construction project data bases 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 post award 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.

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