Sterling Construction Company, Inc. RLW – Grand Ave Bridge
THE WOODLANDS, TX
January 11, 2016
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”) was selected, as part of a joint venture with Granite Construction (NYSE: GVA), by the Colorado Department of Transportation to replace the Grand Avenue Bridge in Glenwood Springs, CO. Sterling’s portion of the $76 million contract is approximately $37 million.
The joint venture construction management/general contractor (CM/GC) team will be responsible for the replacement of the 60-year-old, 1,000-foot traffic bridge, and 600-foot pedestrian bridge spanning I-70, the Colorado River and two Union Pacific Railroad mainline tracks. The project will improve public safety, including emergency service response, and reliability of the bridge as a critical transportation route.
Funding for the project is provided by the Colorado Bridge Enterprise. Construction is scheduled to begin January 2016 and scheduled for completion by Summer 2018. For more information visit the SH 82 Grand Avenue Bridge webpage.
Paul J. Varello, Sterling’s CEO commented, “We look forward to working side-by-side with Granite Construction, which is one of our nation’s leading heavy civil infrastructure builders. We are proud to be a part of this project, which will provide a safe, secure, and effective multimodal connection from downtown Glenwood Springs across the Colorado River and I-70 to the historic Glenwood Hot Springs area. This is one of several projects that we have underway in Colorado, which is on the leading edge of the transportation infrastructure upgrades so urgently needed throughout the United States.”
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, Arizona, California, Hawaii, and other states in which there are profitable construction opportunities. Its transportation infrastructure projects include highways, roads, bridges, airfields 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.