Macro Signs Pipeline Construction Contract for Expansion Project
Fort St. John, British Columbia--(Newsfile Corp. - May 19, 2021) - Macro Enterprises Inc. (TSXV: MCR) (the "Company" or "Macro") announces that it, through its subsidiary Macro Construction Inc., has entered into a contract to construct the Deep Valley South Section and the Colt sections of the 2021 NGTL System Expansion Project.
The 2021 NGTL System Expansion Project will increase natural gas transportation capacity on an existing natural gas pipeline system in Alberta by constructing multiple pipeline sections and compressor station unit additions. The expanded pipeline will be owned and operated by NOVA Gas Transmission Ltd., a wholly-owned subsidiary of TransCanada PipeLines Limited.
The Deep Valley South section includes approximately 26km of 48-inch diameter pipeline and the Colt section includes 14km of 48 inch diameter pipeline and tie-in facilities.
Planning is underway with pre-construction scheduled to start in the third quarter of 2021 with completion scheduled for the end of the first quarter in fiscal 2022. The estimated value of the phased hybrid contract is expected to be in excess of $190 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 press release contains forward-looking information and forward-looking statements (together, "forward-looking statements") within the meaning of applicable securities legislation, which reflect Macro's current expectations regarding future events as at the date hereof and are based on a number of assumptions, many of which are outside of Macro's control. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of words or phrases such as "plans", "targets", "expects", "estimates", "intends", "anticipates", "believes", "to acquire", "rising", "subject to" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" occur. Forward-looking statements involve both known and unknown risks, uncertainties and other factors 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 ownership and operations of the pipeline, the achievement of milestones required for payment under the contract and the amount payable upon such achievement and the timing and likelihood of completion. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, remaining uncertainty relating to NGTL System Expansion Project generally, including delays, funding, timing and the ability of the Company to meet the applicable milestones for payment. Readers are referred to the Company's public disclosure record, which is available on SEDAR (www.sedar.com), including those risks set forth under the heading "Risk Factors" in the Company's annual information form for the year ended December 31, 2019 and dated April 27, 2020. 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 are given 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/84582