Macro Signs General Construction Contract with Trans Mountain
Fort St. John, British Columbia--(Newsfile Corp. - February 10, 2021) - Macro Enterprises Inc. (TSXV: MCR) (the "Company" or "Macro") announces that its wholly-owned subsidiary, Macro Projects Inc. ("MPI"), has entered into a General Construction Contract for Interim Work (the "Contract") with Trans Mountain Pipeline L.P. relating to certain segments of Spread 5B of the Trans Mountain Expansion Project. The Spread 5B segments awarded to MPI involve a combination of clearing, grading and pipeline construction along the Coquihalla-Hope corridor in British Columbia.
The Contract provides for MPI to continue with certain construction activities in Spread 5B on an interim basis to complete a portion of the scope of work specified under a previous contract. Macro expects the Contract will continue until a replacement general construction contractor is chosen and a new replacement contract is entered into, expected within the next three months. The Contract has an initial estimated value that exceeds $50 million.
Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operations can be found at www.macroindustries.ca.
Forward-Looking Statement Cautions:
This news release contains certain forward-looking information and forward-looking statements (the "forward-looking statements"), as such terms are defined under applicable securities law, that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors, many of which are beyond the Company's control, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the expected term of the Contract and the estimated value of the Contract. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, uncertainty regarding the timeframe for Trans Mountain Pipeline L.P. to choose a replacement general contractor and enter into a replacement contact. Readers are referred to the Company's public disclosure record and annual information form for the year ended December 31, 2019, which are available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For further information please contact:
President and C.E.O.
Phone: (250) 785-0033
Jeff Redmond, CPA, CA
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74160