TORONTO, June 12 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that
its Buildings Division has been selected by the Toronto Rehabilitation
Institute (Toronto Rehab) and Infrastructure Ontario as the highest ranking
bidder for the renovation and expansion of Toronto Rehab's University Centre
site on University Avenue in Toronto.
Highest ranking bidder means that Infrastructure Ontario and Toronto
Rehab are now negotiating with Aecon toward a potential project award. Pending
successful negotiations with Infrastructure Ontario and Toronto Rehab as well
as required approvals by the Infrastructure Ontario Board, the Ontario
Ministry of Health and Long-Term Care and Toronto Rehab's Board, Aecon would
be confirmed as preferred bidder and proceed to negotiate commercial and
Commercial close and signing of the contract would likely occur within
the next several weeks, with financial close likely within 30 days after that.
Construction will begin following financial close, for completion in August
The renovation and expansion plan includes:
- renovations to the hospital's existing 12-storey east wing and four-
storey north wing;
- construction of a new 13-storey patient-care and research tower
- 17,000 square feet of new dedicated research space; and
- dedicated education space.
"Health care infrastructure is a growing market in Canada, and is a key
strategic priority for Aecon Buildings," said Robert G. McDonald, President of
Aecon Buildings. "The Toronto Rehab project is an exciting opportunity, and we
look forward to working with the hospital and Infrastructure Ontario to meet
the growing demand for health care facilities."
Infrastructure Ontario is a Crown corporation dedicated to managing some
of the province's larger and more complex infrastructure renewal projects -
ensuring they are built on time and on budget.
Aecon Group Inc. is Canada's largest publicly traded construction and
infrastructure development company. Aecon and its subsidiaries provide
services to private and public sector clients throughout Canada and
The information in this news release includes certain forward-looking
statements. These statements are based upon assumptions that are subject to
significant risks and uncertainties which are discussed in greater detail in
the section entitled "Risk Factors and Uncertainties" in Management's
Discussion and Analysis of operating results and Financial Condition for the
year ended December 31, 2007 filed on SEDAR at www.sedar.com. Although Aecon
believes that the expectations reflected in forward-looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct.
For further information:
For further information: Mitch Patten, Vice President, Corporate
Affairs, Aecon Group Inc., (416) 297-2615, email@example.com, www.aecon.com