Fort St. John, British Columbia--(Newsfile Corp. - September 4, 2020) - Macro Enterprises Inc. (TSXV: MCR) (the "Company" or "Macro") announces that Coastal GasLink Pipeline Limited Partnership will be initiating the removal of the remainder of the Section 5 scope of construction from its Joint Venture with Spiecapag Canada Corp. in order to facilitate the focus of the Joint Venture's critical resources on the completion of Section 8.

A formal notice to terminate for convenience has been received for the remaining work under the Section 5 contract, with work concluding by September 16, 2020. The Joint Venture will collaborate with the owner to safely transition the Section 5 construction project to a new contractor or contractors. The original scope of work on Section 5 included the construction of 82 kilometers of 48-inch pipeline. The estimated value of this contract was $164 million of the total $900 million contract originally announced in June 2018.

The Macro Spiecapag Joint Venture will continue construction on Section 8 and will work closely with the owner to meet its in-service date expectations.

The Company remains on target to meet its fiscal 2020 annual revenue guidance of $250 million reported in its second quarter MD&A dated August 17, 2020. This estimate does not provide for any amounts for Trans Mountain Pipeline under its notice to proceed, core maintenance and integrity business beyond 90 days from June 30, 2020, outstanding bid work for prospective pipelines and facilities projects or any anticipated changes to scope for construction on existing work.

The Company

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 forward-looking statements that are not historical facts. Forward-looking statements involve 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 fiscal 2020 revenue guidance, and the anticipated additional substantial changes in the scope of construction on Section 8 of the Coastal Gaslink Project. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, remaining uncertainty relating to notice to proceed with work on the Coastal Gaslink Project, and the Company's ability to obtain any necessary permits, consents or authorizations required for its planned activities. Readers are referred to the Company's public disclosure record which is 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:

Frank Miles
President and C.E.O.
Phone: (250) 785-0033

Jeff Redmond, CPA, CA
C.F.O.
(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/63282