Sterling Awarded A $23.4 Million Springtown, TX Highway Project
THE WOODLANDS, TX
July 16, 2019
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Texas Sterling Construction Co. was selected by the Texas Department of Transportation to reconstruct a one-and-a-half mile portion of FM 51 near Springtown, TX. The $23.4 million project entails the reconstruction of an asphalt roadway into a three-lane concrete roadway with shoulders, along with the reconstruction of a bridge and the installation of new drainage and other related infrastructure. The project is scheduled to commence in the third quarter of 2019 and is expected to be completed in late 2021.
Joe Cutillo, Sterling’s CEO, commented, “This project is a great example of how Sterling improves people’s lives by reducing congestion while making the roads safer. It aligns well with our core competencies including concrete and bridge construction, as well as our mission to make roads as reliable and accessible as possible. As highways around the Dallas-Fort Worth area become increasingly overcrowded due to population growth, providing drivers with convenient alternate routes is paramount. Adding both lanes and shoulders to this stretch of FM 51 will not only decrease congestion, but will also help to promote better safety for motorists.”
Sterling, 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.
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