Sterling Awarded A $22 Million San Antonio, TX Project
THE WOODLANDS, TX
November 26, 2019
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Texas Sterling Construction Co. (“TSC”) was selected by the Alamo Regional Mobility Authority to reconstruct Talley Road from an existing two-lane roadway to a four-lane urban roadway consisting of an 11-foot lane and a 14-foot lane in each direction with curb and sidewalk. Along with the road reconstruction, the work will include bridge construction, drainage improvements, traffic signal installation and other operational improvements. The project has a targeted completion date of February 2022.
Joe Cutillo, Sterling’s CEO, commented, “This is a project we are very excited about. According to a study by the Texas A&M Transportation Institute Talley Road was one of the twenty most congested roads in San Antonio in 2018, costing commuters valuable time and money. Not only is this a great opportunity to aid the San Antonio community, but this project also aligns very well with our core business capabilities. Adding two new lanes and additional sidewalks to Talley Road will not only allow for safer conditions for motorists, but will also reduce congestion by a wide margin.”
Sterling, a Delaware corporation, is a construction company that specializes in heavy civil infrastructure construction and rehabilitation, construction site excavation and improvement, and residential construction projects, primarily across the southern United States, the Rocky Mountain states, California and Hawaii. 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. Site excavation and improvement entails construction site preparation primarily in the Southeast region of the United States for blue-chip customers in the distribution center, warehousing, e-commerce, data center, big box retail and energy sectors, as well as other growing end markets. Residential construction projects include concrete foundations for single-family homes in Texas.
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.
Sterling Construction Company, Inc.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620