On a day when Canadian stocks were rocketing toward prosperity on all fronts, Calgary-based CEMATRIX Corporation (TSX-Venture:CVX) joined the party.
Through two of its subsidiaries, the company, which manufactures and supplies cellular concrete products, announced Wednesday it has converted $6.1 million in U.S. infrastructure contracts from its verbally awarded project total. These new contracts increase this year’s contracted sales to $45.9 million, of which $21.0 million are currently scheduled to carry over to 2020.
Total contracts and verbally awarded projects, which is mostly recognized as contracts in process, and includes the contracts noted above, increased by $0.8 million to approximately $77.7 million to date, of which approximately $51.8 million is currently scheduled to carry over into 2020/21.
Effused CEO Jeff Kendrick, “The $6.1 million in new contracts represents two projects. One contract was awarded to CEMATRIX’s recently acquired U.S. subsidiary, PIGCO and the other was awarded to CEMATRIX’s other U.S. acquired subsidiary, MOS.
“The PIGCO project, valued at $5.4 million Canadian with potential to grow in size, is a load reducing fill project on the West coast of the U.S.”
While volume was a bit on the shy side, only 40,000 shares into early Wednesday trading, the price hike was two cents, or 7.3%, to 29.5 cents.