CEMATRIX Announces a Major $7.1 Million Contract

CALGARY, Alberta, Oct. 25, 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 signed a new $7.1 million contract bringing its total contracts announced since the end of the fiscal 2022 year to $51.9 million and $88.5 million since August 3, 2022.

“This $7.1 million project is an annular fill tunnel contract located in the Gulf States that CEMATRIX will commence work on in 2024,” stated Jeff Kendrick, CEMATRIX President and CEO. “The project itself is part of a significant expansion of the water system supplying this Gulf State city that it services. This substantial project continues the momentum CEMATRIX has been building since the fall of last year and projects of this size and nature adds further credibility that our proven cellular concrete products provide a real solution that is reliable and affordable. Our products are also, generally more environmentally friendly than a number of the traditional products that cellular concrete replaces.  

“Contract wins with price tags of more than $1 million are up 186% compared to similar sized contracts that were awarded to CEMATRIX in 2022. Having gone from 7 such projects last year to 20 this year demonstrates the confidence the industry is gaining in cellular concrete and is a testament to the hard work of the staff who spend an incredible amount of time and resources in educating the infrastructure industry as to why cellular concrete is a viable and better alternative to traditional product inputs that are used in similar complex projects,” concluded Mr. Kendrick.

The current backlog that is contracted and is scheduled for 2023 remains at $40 million given that this new project will not commence until 2024.

ABOUT CEMATRIX

CEMATRIX is a rapidly growing company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations across North America. This unique cement-based material with superior thermal protection delivers cost-effective, innovative solutions to a broad range of problems facing the infrastructure, industrial, energy and commercial markets. The Company’s wholly owned operating subsidiaries include CEMATRIX (Canada) Inc. (“CCI”), Chicago based MixOnSite USA Inc. (“MOS”) and Bellingham based Pacific International Grout Company (“PIGCO”). This has made CEMATRIX a true leader in North America’s growing Cellular Concrete market.