Sterling Construction Company, Inc. Joint Venture Selected On $139 Million Highway Project In Utah
THE WOODLANDS, TX
February 6, 2017
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that a joint venture consisting of its subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”) and its joint venture partner, W.W. Clyde & Co., Inc. have been awarded a $139 million highway project by the Utah Department of Transportation (UDOT). The project scope consists of the design and construction of four grade-separated interchanges along Bangerter Highway in Salt Lake City, Utah. Each interchange includes a bridge, retaining walls, earthwork, concrete paving, drainage, signals and utility work. Design of the project will begin immediately with construction starting in the spring of 2017. The project is scheduled to be complete by the end of 2018. As Managing Partner for the joint venture, RLW will report 100% of the project revenues and pro-rated portion of the profits.
Paul J. Varello, Sterling’s CEO commented, “We are very pleased that our joint venture has been selected by the Utah Department of Transportation to design and build this major project. The construction of these new interchanges will significantly improve the flow of traffic in the greater Salt Lake City area. We look forward to working with our joint venture partner, W.W. Clyde & Co., on this important project and we expect to have other opportunities to work with them in the future.”
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Colorado, Arizona, California, Hawaii, and other states in which there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges, airfields, ports and light rail. Its water infrastructure projects include water, wastewater and storm drainage systems.
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.