Cematrix Announces $30.1 Million Contract, Suspends Guidance
Cematrix Corp (TSXV: CVX) this morning issued a brief update to the market, alerting investors that the firm has been issued a US$23.5 million (C$30.1 million) contract for a tunnel project, although details provided were slim. The contract was awarded to the firm via three subsidiaries, including Cematrix Canada, MixOnSite, and Pacific International Grout Company.
The company did not indicate where specifically the project is to occur, instead electing to provide an update on the total value of project backlogs currently held by the company. Total backlog is said to now sit at C$108.1 million, which includes a C$2.7 million reduction due to exchange rate fluctuations, as well as a C$5.5 million increase due to a smaller contract that is said to have a “strong possibility.”
Despite the backlog, the company is suspending guidance due to the impacts of COVID-19. The pandemic has made it difficult to provide such guidance as a result of continuous delays related to its impacts, with the company said to no longer be providing specific time periods for projects.
Cematrix Corp last traded at $0.49 on the TSX Venture.
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