Sterling Joint Venture Selected On Highway Project In Colorado With Contract Value Exceeding $200 Million
THE WOODLANDS, TX
November 1, 2018
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”) and its joint venture partner, SEMA Construction, have been selected by the Colorado Department of Transportation (“CDOT”) to design and perform the reconstruction work on I-25 in Weld and Larimer counties in Colorado. Upon successful completion of design finalization and execution of the Construction Manager/General Contractor (CMGC) contract, the project is estimated to exceed $200 million and is expected to begin construction in mid-2019. The project will entail the widening of a stretch of Interstate 25 in the vicinity of Mead, approximately 35 miles north of Denver between SH-66 and the SH-402 Interchange. Sterling and SEMA will expand the highway from two lanes in each direction to accommodate two general purpose lanes and one express lane in each direction. In addition to the roadway widening, all interchanges within the project limits will be rebuilt, which includes replacing the existing bridges. Joe Cutillo, Sterling’s CEO commented, “The selection of our joint venture with SEMA by CDOT for this major highway project is representative of our strategy to pursue heavy highway awards where we can deliver greater value to the project owner through our extensive design-build capabilities. Mead and its surrounding communities comprise a rapidly growing suburb within the greater-Denver area and there is a pressing need to accommodate increasing vehicular traffic as well as enhance various multi-modal connections. Colorado is an important part of our strategic growth plans throughout the Rocky Mountain region for our heavy civil construction business, and we are very excited about this and other upcoming opportunities” 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 singlefamily 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.