CEMATRIX Corporation Provides Business Update; Addresses COVID-19 Impact

CALGARY, Alberta, March 26, 2020 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (the “Corporation” or “CEMATRIX”) a North American leading manufacturer and supplier of technologically advanced cellular concrete products would like to provide a business update related to the impact of COVID-19 and  the measures taken by the Corporation across all CEMATRIX Group of companies. While the situation remains extremely fluid, there have been no significant delays or cancellations to date, other than for a few projects that were originally scheduled to be completed in the first quarter. These projects are now expected to be completed in the second quarter, but these delays have caused a short-term cash flow issue that we continue to manage.  Even with the short-term delays, approximately $20 million in projects are still scheduled to be placed before the end of the second quarter and many of these projects are either underway, or being mobilized to, or scheduled for completion, once other projects are complete.  The COVID-19 dynamics continue to evolve on a daily basis and could impact the Corporation and our operating subsidiaries including CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO’) in other ways.

As a result of COVID-19 and its potential impact, the Corporation has taken numerous steps to ensure the health and safety of employees, clients and partners. The following is a copy of a letter sent to current clients and partners.

Re: COVID-19 Measures

To our valued clients and partners;

CEMATRIX remains fully operational and committed to our staff, clients, and partners as we all work together to keep each other safe in the face of COVID-19. The health and safety of our team, and all those we work and interact with, is our first and foremost priority.

We are committed to delivering our products and services in the safest and most responsible way possible, while closely monitoring and acting in accordance with the guidance of government and public health authorities.

CEMATRIX continues to honour deadlines and fulfil obligations. All our office employees have been encouraged and supported to continue their important roles and contributions from home and remain reachable by email and phone. All non-essential business travel and in-person meetings are restricted but we are prepared with the necessary tools to effectively handle our client support roles remotely.