15:56:46 EDT Thu 23 May 2024
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or Name

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Cematrix Corp
Symbol CVX
Shares Issued 134,381,452
Close 2023-10-13 C$ 0.19
Market Cap C$ 25,532,476
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Cematrix wins $6.5-million in new contracts

2023-10-16 11:24 ET - News Release

Mr. Jeff Kendrick reports


Cematrix Corp. has signed $6.5-million in new contracts since the last announcement, bringing its total contracts announced since the end of the fiscal 2022 year to $44.8-million and $81.4-million since Aug. 3, 2022.

Over $40-million of the current backlog is contracted and is scheduled for 2023, a 38-per-cent increase compared with total sales of $29-million for the fiscal 2022 year. A number of these contracts have already been placed in 2023 and/or are under way.

The corporation's backlog, which is net of sales to the end of September, is $93.7-million, which is a 17.7-per-cent increase compared with the sales adjusted backlog of $79.6-million as of Dec. 31, 2022. The corporation's backlog comprises contracts in the amount of $46.8-million and contracts in process in the amount of $46.9-million. The change in backlog from the company's previous press release dated Aug. 30, 2023, is reflective of the significant amount of the backlog that was placed in the third quarter of this year.

"The $6.5-million increase in contracts includes new infrastructure projects across North America, two of which exceed $1-million. Both projects were previously included in the backlog as contracts in process. One of the new projects contracted is for a $1.6-million pipe bedding project in the northern Midwest and the other is for a $1.8-million hospital foundation backfill project in the prairies," stated Jeff Kendrick, Cematrix president and chief executive officer. "Cematrix now has 20 projects in excess of $1-million, compared to only seven projects in excess of $1-million in 2022; 17 of which are scheduled to start in part in 2023 and four of which will commence entirely in 2024.

"The total value of these 20 projects is $75.8-million, of which $30.3-million is scheduled to be completed this year and the remaining $45.5-million is scheduled to be completed in 2024/2025. The balance of the backlog scheduled to be completed in 2023 is made up of numerous projects under $1-million in total value. The company is on pace to significantly surpass 2022's consolidated sales of $29-million with improved margins as past supply chain issues ease. The company's sales pipeline continues to remain strong and currently exceeds $425-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 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. (CCI), Chicago-based MixOnSite USA Inc. (MOS) and Bellingham-based Pacific International Grout Company (PIGCO). This has made Cematrix a true leader in North America's growing cellular concrete market.

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