Sterling Awarded $18.8 Million Design-Build Spaceport Development Project In Houston, TX
THE WOODLANDS, TX
November 6, 2018
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiaries, Texas Sterling Construction Co. (“TSC”) and J. Banicki Construction, Inc. (“Banicki”) were awarded a design-build contract by the Houston City Council for Phase I of the Houston Spaceport project at Ellington Airport in Houston, TX. The $17.2 million project will entail Texas Sterling-Banicki, JV LLC constructing infrastructure to support the development of 90 acres set aside for Phase I, including streets, water, wastewater, electrical power distribution facilities, and communications facilities. Design is underway with construction starting in the first quarter of 2019 and to be completed in early 2020. Joe Cutillo, Sterling’s Chief Executive Officer, commented, “We are very excited to be partnering with the City of Houston on such an innovative project like the Houston Spaceport. Our efforts in developing the infrastructure will ultimately lay the groundwork for revolutionary advancements in aerospace engineering activities for years to come.” Mr. Cutillo continued, “Space infrastructure projects are a natural extension of airport infrastructure construction work, which is a market where we have significant capabilities and a growing presence, with a number of new project awards over the past several years. This award is not only indicative of the rapid growth taking place in Houston, but it also showcases our strategy to leverage the expertise of our various business units through combined efforts, in this case between our Banicki operation, which has substantial airport experience and unique capabilities, and our Texas Sterling business, which has a large geographic operating footprint containing numerous airports and includes Houston, the epicenter of the NASA space program.” Sterling Construction Company, Inc. (“Sterling” or “the Company”), a Delaware corporation, is a construction company that specializes in heavy civil infrastructure construction and infrastructure rehabilitation as well as residential construction projects, primarily in Arizona, California, Colorado, Hawaii, Nevada, Texas, Utah and other states in which there are feasible construction opportunities. Heavy civil construction projects include highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems, foundations for multi-family homes, commercial concrete projects and parking structures. Residential construction projects include concrete foundations for single-family homes. (More) This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.