CEMATRIX Announces $5.9 Million in New Contracts - Backlog Grows to $99.4 Million

CALGARY, Alberta, July 19, 2023 (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 is pleased to announce it has executed $5.9 million in new contracts to bring total contracts announced since the end of the fiscal year to $27.2 million and $64.2 million since August 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% increase compared to the sales adjusted backlog of $79.6 million as of December 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% increase compared to total sales realized in 2022. $36.1 million of the 2023 scheduled backlog is contracted and a portion of these contracts have 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 one million dollars, with the majority of these new projects scheduled to be completed before the end of the year,” stated Jeff Kendrick, CEMATRIX President and CEO. “2023 has seen CEMATRIX secure 14 projects in excess of $1 million, a 100% increase compared to the 7 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 a 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.