Macro Signs Subcontract for Trans Mountain Expansion Project
Fort St. John, British Columbia--(Newsfile Corp. - September 7, 2021) - Macro Enterprises Inc. (TSXV: MCR) (the "Company" or "Macro") announces that its wholly-owned subsidiary, Macro Projects Inc. ("MPI"), has entered into a pipeline construction Subcontract effective August 31, 2021 (the "Contract") with Kiewit TMEP Corp. relating to certain segments on Spread 5B of the Trans Mountain Expansion Project along the Coquihalla-Hope corridor in British Columbia.
The Contract provides for MPI to continue with certain construction activities on Spread 5B for the next twelve months relating to the prime construction contract awarded to Kiewit Bonatti TMEP Partnership. The initial estimated value for the contemplated scope of work on the Contract is approximately $180 million.
As a result of this Contract and other work being conducted by the Company, the Company is anticipating revenues to reach $350 million for the year ended December 31, 2021. Furthermore, with the expanded scope and continuation of work on the Trans Mountain Expansion Project, the Company will be increasing its capital expenditure program to an estimated $20 million from the previously guided $8 to $10 million in the second quarter for fiscal 2021.
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 (collectively, "forward-looking statements"), as such terms are defined under applicable securities law, regarding the Company's business and operations. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", or other similar expressions. Forward-looking statements involve known and unknown 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 execution risk, market risk, industry risk, market reaction, the impact of general economic conditions and competition from other industry participants, as well as stock market volatility). In this news release, forward-looking statements relate to, among other things, the terms of the Contract, the estimated value of the Contract, projected annual revenues and anticipated capital expenditures. Readers are referred to the Company's public disclosure record and annual information form for the year ended December 31, 2020, 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 timeframes or at all. In addition, this news release contains future-oriented financial information and financial outlook, as such terms are defined under applicable securities laws. The future-oriented financial information and financial outlook contained herein are made solely based on information available to the Company as of the date hereof and are subject to the same assumptions, risk factors and other qualifications as all other forward-looking statements, and are presented solely for the purpose of conveying the current anticipated expectations of the Company and may not be appropriate for any other purposes. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that Company will be able to achieve all or any of its proposed objectives.
For further information please contact:
President and C.E.O.
Phone: (250) 785-0033
Jeff Redmond, CPA, CA
Phone: (250) 785-0033
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/95739.