CEMATRIX Announces a $10.7 Million Increase in Contracts

Backlog Grows to $107.7 Million

CALGARY, Alberta, Aug. 30, 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 its 2023 Contracts have increased by $10.7 million bringing its total contracts announced since the end of the fiscal 2022 year to $37.9 million and $74.9 million since August 3, 2022.

Over $40 million of the current backlog is scheduled for 2023, a 37.9% increase compared to total sales of $29 million for the fiscal 2022 year. The $40 million in scheduled 2023 backlog is contracted and a portion of these contracts have already been placed in 2023.

The Corporation’s backlog, which is net of sales to the end of July, has increased to $107.7 million, a 35.3% increase compared to the sales adjusted backlog of $79.6 million as of December 31, 2022. The Corporations backlog is comprised of contracts in the amount of $55.7 million and Contracts in Process in the amount of $52 million.

“The $10.7 million increase in contracts represents $4.7 million in new contracts along with a $6 million increase in a previously announced contract. These new contracts that were previously part of Contracts in Process, includes one North Central U.S. project in excess of $1 million that is already underway and one $2.7 million Northwest Region tunnel backfill project that is expected to commence in early September. Both projects are expected to be completed by the end of the year. The $7.7 million increase in backlog related to contacts in process is mainly attributed to two new contracts valued at over $1 million each.  These two projects are scheduled to be commenced during the current year, but mostly completed in 2024. “The incredibly strong start to the year just keeps getting stronger, illustrating the increased acceptance of cellular concrete and we remain excited about our leading role in this thriving market,” stated Jeff Kendrick, CEMATRIX President and CEO. “2023 has seen CEMATRIX secure 17 projects in excess of $1 million that are scheduled to commence in part in 2023, as compared to the seven projects with similar price tags in 2022.”