Sterling Awarded A $33 Million Kaufman, TX Highway Project
THE WOODLANDS, TX
May 28, 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 Texas Department of Transportation to reconstruct an eight mile portion of Texas State Highway 34 near Kaufman, TX. The $33 million project entails the reconstruction of an existing two-lane roadway into a new two-lane roadway with shoulders and includes the demolition and replacement of five existing bridge structures. The project is scheduled to commence in July of 2019, with completion targeted for the second quarter of 2022.
Joe Cutillo, Sterling’s CEO, commented, “This project award is a great example of the types of projects we target in the Texas heavy highway market as it aligns well with TSC’s core competencies including asphalt and bridge construction. This stretch of State Highway 34 is becoming increasingly more congested as nearby Dallas-Fort Worth continues to grow in population, so our efforts in adding shoulders and replacing bridges will provide commuters a safer roadway for years to come.”
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