Armtec Infrastructure Exceeds $80 million in New Infrastructure Projects Secured during the Quarter
Toronto Stock Exchange: ARF; ARF.DB
GUELPH, ON, June 20, 2013 /CNW/ - Armtec Infrastructure Inc. ("Armtec" or "the Company") (TSX:ARF; ARF.DB) today announced that it has been awarded in excess of $80 million in new infrastructure projects to date in the second quarter. The awarded projects include the manufacture and supply of infrastructure products for the Highway 407 East Expansion in Ontario and components for the Evergreen Line, an 11-kilometre extension of the SkyTrain light rail system in the lower mainland of British Columbia.
For the Highway 407 East Expansion project, Armtec has been contracted by the 407 East Construction General Partnership to manufacture, supply and deliver precast concrete NU Girders for many of the new bridge structures being constructed over the 22-kilometre highway extension in the Greater Toronto Area. The contract, which is valued at just over $20 million, will commence in August of this year and will be completed in September 2014.
In the Pacific market area, Armtec has been contracted to manufacture and supply precast concrete segments and bridge girders for the elevated guideways being constructed as part of the Evergreen Line project. The SkyTrain light rail system will be extended from Burnaby to Coquitlam in British Columbia. Armtec's role in the project, which is valued at $21 million, will commence in June and extend through to the fourth quarter of 2014. The precast concrete components will be manufactured at the Company's facility in Richmond, B.C.
The remaining new bookings represent numerous smaller projects, including precast wall panels for a Target retail store in Winnipeg, components for a new Pan American games sports stadium and a soundwall for a light rail transit project in Ottawa, Ontario.
"We are very pleased to have exceeded $80 million in new Engineered Precast Solutions project bookings at this point in the quarter and to have been selected to participate in these significant infrastructure projects in our market areas," said Mark Anderson, President and Chief Executive Officer. "These awards are very important, not only for the industry recognition of our Company's manufacturing expertise but also as a valued opportunity to showcase our competitive strengths and demonstrate our skills for delivering industry-leading solutions that meet the needs of our customers."
About Armtec Infrastructure Inc.
Armtec is a manufacturer and marketer of a comprehensive range of infrastructure products and engineered construction solutions for customers in a diverse cross-section of industries that are located in every region of Canada, as well as in selected markets globally. These markets include Canada's national and regional public infrastructure markets and private sector markets in agricultural drainage, commercial building, residential construction and natural resources. Armtec operates through a network of offices and production facilities across the country. Armtec operates in two business units: Drainage Solutions manufactures and markets corrugated high-density polyethylene pipe, corrugated steel pipe and other drainage related products including small bridge structures. Precast Concrete Solutions manufactures and markets highly engineered precast systems such as parking garages, bridges, sport venues and building envelopes as well as standard precast products such as steps, paving stones and utility vaults.
This news release may contain "forward-looking" statements within the meaning of applicable securities legislation, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, events, performance or achievements of Armtec or industry results, to be materially different from any future results, events, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements typically contain such words or phrases as "may", "outlook", "objective", "intend", "estimate", "anticipate", "should", "could", "would", "will", "expect", "believe", "plan" and other similar terminology suggesting future outcomes or events. Forward-looking statements reflect current expectations regarding future results, events, performance and achievements and are based on information currently available to Armtec's management, anticipated operating and financial results of Armtec, and current and anticipated market conditions.
Forward-looking statements involve numerous assumptions and should not be read as guarantees of future results, events, performance or achievements. Such statements will not necessarily be accurate indications of whether or not such future results, events, performance or achievements will be achieved. You should not unduly rely on forward-looking statements as a number of factors, many of which are beyond the control of Armtec, could cause actual results, events, performance or achievements to differ materially from the results, events, performance or achievements discussed in the forward-looking statements, including, but not limited to the factors discussed in Armtec's materials filed with the Canadian securities regulatory authorities from time to time. Although the forward-looking statements contained in this news release are based upon what management of Armtec believes are reasonable assumptions, Armtec cannot assure investors that actual results, events, performance or achievements will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of the date of this news release and, except as required by applicable law, Armtec assumes no obligation to update or revise them to reflect new events or circumstances.
Risks and Uncertainties
Armtec is subject to certain risks and uncertainties that could have a material adverse effect on Armtec's results of operations, business prospects, financial condition, dividends to shareholders and the trading price of Armtec's shares. These uncertainties and risks include, but are not limited to: industry cyclicality; competition; acquisition and expansion risk; capital and liquidity risk; current economic conditions; reduction in demand for products; information management; credit risk; relationships with suppliers; lack of long-term agreements; expiration of rights under license and distribution arrangements; availability and price volatility of raw materials; product liability; intellectual property; reliance on key personnel; labour markets; environmental; collective bargaining; pension plans; currency fluctuations; interest rates; uninsured and underinsured losses; operating hazards; existing legal proceedings; risk of future legal proceedings; securities laws compliance and corporate governance standards; income tax and other taxes; geographical risk; seasonality and adverse weather; change management and geopolitical. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by Armtec Infrastructure Inc. with the securities regulatory authorities, available at www.sedar.com.
SOURCE Armtec Infrastructure Inc.