CORRECTION - CEMATRIX Announces Correction to the 2020 Fourth Quarter and Annual Results Press Release

While presented correctly in its Financial Statements and MD&A as filed on SEDAR, the Adjusted EBITDA in the fourth quarter highlights section outlined in the press release filed on April 14, 2021 was incorrect.  This error is corrected below in this amended press release.

CALGARY, Alberta, April 15, 2021 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (OTCBB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products has issued a correction to yesterday’s announced consolidated financial results for the year ended December 31, 2020.

“We are pleased to report to our shareholders that 2020 was another year of record revenue, despite the very challenging global pandemic (“COVID”),” stated Jeff Kendrick, President and CEO of CEMATRIX. “I want to thank all our employees at CEMATRIX, particularly our field staff, for staying safe and making our success possible through hard work and dedication. The early impacts from the COVID situation were minimal as our business was considered an essential service in North America. As the year continued, particularly the fourth quarter, we experienced project delays in response to the COVID situation. The reduction in sales due to project delays was particularly evident in Canada where Canadian sales were down 50% from the previous year. Fortunately, no CEMATRIX projects were cancelled anywhere in North America.”

“Despite the challenging business climate, CEMATRIX was able to maintain our staff levels, leaving the Company well positioned for growth, including a strong growing backlog of $94.4 million, and the backing of our recently completed $23 million financing. The funds raised in this financing will enable CEMATRIX to accelerate its strategic plan, including the repayment of high interest debt, regional expansion and the pursuit of acquisitions that will add to the company’s growth and value,” concluded Mr. Kendrick.

The following are the business and financial highlights for the year and quarter:

Business highlights for the year:

• In February 2020, CEMATRIX announced that it was awarded one of the largest ever tendered projects in the cellular concrete market in North America, a $12.3 million U.S. infrastructure project in North Carolina
• In April 2020, in the midst of the growing COVID crisis, CEMATRIX successfully completed a convertible debenture financing in the amount of $5.5 million
• In December 2020, CEMATRIX was awarded an even larger U.S. project, a $23.5 million USD infrastructure project in Missouri
• Subsequent to year end, in March of 2021, CEMATRIX completed an equity financing in the amount of $23 million in gross proceeds to support its plans for regional growth in the U.S. and its continued pursuit of acquisition opportunities

Financial highlights for the fourth quarter: