CEMATRIX Announces $4.2 Million in New Contracts and a Net $3.1 Million Increase in New Contracts in Process

CALGARY, Alberta, Oct. 26, 2022 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSXV: CVX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced that its wholly owned operating subsidiaries, which include CEMATRIX (Canada) Inc. (“CCI”), MixOnSite USA Inc. (“MOS”) and Pacific International Grout Company (“PIGCO”) have executed $4.2 million in new contracts, and have been awarded $3.1 million in other projects by way of letter of intent upon which contracts are being processed.

Factoring in the $4.2M in contracts executed, converted contracts, the new net contracts in process of $3.1 million and sales completed to date, the Corporation’s backlog remains strong at $83.6 million. $34.7 million of the Corporation’s backlog is now Contracted and $48.9 million is Contracts in Process.

“The $4.2 million in contracts executed since our last contract announcement and the net $3.1 million increase in contracts in process are for geotechnical and tunnel infrastructure projects across North America,” stated Jeff Kendrick, CEMATRIX President and CEO. “Demand remains strong and is reflected in the robust backlog total. We had a good quarter from a sales perspective, and we expect sales for the balance of the year to remain strong, provided our cement supply remains steady”.

“The severe cement shortage has had a major impact across North American infrastructure projects over the past year. Projects have been delayed, inflationary pressures have put pressure on margins and there have been some missed opportunities due to the cement shortage. Despite these challenges, CEMATRIX is receiving the cement and ready-mix slurry requirements for most of our projects. Our Company’s ability to secure sufficient cement and ready-mix for these projects is a testament to the hard work and dedication of our sales and project management staff and the strong relationships we have developed with our suppliers including our alliance partner,” concluded Mr Kendrick.

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.