CEMATRIX Corporation announced that it has executed $7.6 million in new contracts. A portion of the $7.6 million in new contracts is derived from two projects, with price tags greater than $1 million Canadian, and were previously included in Contracts in Process. These projects include a $1.9 million load reducing fill project and a $1.4 million dollar tunnel project which are located in the U.S. The majority of these two projects are scheduled to be completed in 2024.

The balance of the new contracts totalling approximately $4.3 million is made up of numerous projects up to $1.0 million each which are also scheduled to be completed in 2022. The Company also announces that it is removing approximately $17 million from its backlog due to an unusual reduction in scope of a $32 million tunnel project that was previously awarded by Letter of Intent in 2020. This tunnel project is currently underway, with portion of the project now scheduled to proceed later this year and is to be completed in 2025.

With this change in scope and the subsequent reduction in the backlog associated with this change and factoring in new project wins and after deducting sales to the end of the first quarter, CEMATRIX'S backlog is now $80.6 million. The Corporation's Backlog is defined as Contracted plus Contracts in Process net of sales completed to date. Contracts in Process are defined as projects where the related contract is in office for review or signature; or signed and returned to the client for their signature; or is in the post award project submission process; or is awarded by letter of intent; or is awarded by some other form of written communication.