Toronto Stock Exchange: ARF.UN
GUELPH, ON, June 30, 2010 /CNW/ - Armtec Infrastructure Income Fund ("Armtec") (TSX: ARF.UN) today announced it has been awarded two contracts, valued in aggregate at $19.8 million, to supply precast concrete components as part of the West Light Rail Transit ("LRT") line project for the City of Calgary.
The first of these is an $11.2 million contract to supply the segmental precast concrete components for construction of the elevated guideway of the Calgary LRT line. This project consists of 444 segmental precast units, each of which is post tensioned together to form a continuous elevated guideway that will be part of the eight-kilometre line from downtown Calgary to just beyond Crowchild where the line continues at or below grade. Manufacturing has commenced at Armtec Prairie Region's Calgary Engineering Plant and is expected to continue into October of this year. The total amount of concrete to be used will exceed 6,000 cubic metres and over one million kilograms of galvanized reinforcing.
Armtec has also entered into a second contract, valued at $8.6 million, with Stuart Olson Contractors Inc. to manufacture and install over 750 precast components for the West LRT Parkade located at 69th Street and 17th Avenue SW. The precast components, which include double Ts, columns, beams, spandrels, stair stringers and walls, will also be produced at Armtec Prairie Region's Calgary Engineering Plant between June and September and will be erected on site through to October of this year. The total amount of concrete that will be used in this project will be in excess of 5,700 cubic metres, with over 380,000 kilograms of rebar and over 161 kilometres of high tensile steel strand.
"These contracts are important awards for Armtec as they continue to build our visibility as a key player in Western Canadian infrastructure markets and further establish our track record in high-profile projects in the region," said Charles Phillips, President and Chief Executive Officer. "They also highlight precast as the product of choice for the timely and efficient construction of large physical structures, as well as our unique capacity to manufacture and deliver a diverse range of innovative, highly engineered precast concrete solutions to our customers."
About Armtec Infrastructure Income Fund
Armtec Infrastructure Income Fund is a leading manufacturer and marketer of a comprehensive range of infrastructure products and engineered construction solutions for customers in a diverse cross-section of industries that are located in every region of Canada, as well as in selected markets globally. These markets include Canada's national and regional public infrastructure markets and private sector markets in agricultural drainage, commercial building, residential construction and natural resources. Operating through its network of regional offices and production facilities across the country, Armtec's broad range of engineered solutions include products for drainage, bridge applications, soil retention, rehabilitation and water management systems including corrugated high-density polyethylene, corrugated steel and concrete pipe; an array of architectural and structural precast and pre-stressed concrete products from steps, paving stones, slabs and wall panels to highly engineered structural components designed and installed for projects such as bridges, sports venues and parking garages; and, a full suite of noise barriers, acoustic enclosure and wall systems along with associated retaining and traffic barrier systems. Armtec Infrastructure Income Fund is listed on the TSX under the ARF.UN symbol. For more information, please visit www.armtecincomefund.com.
This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). All statements other than statements of historical fact contained herein are forward-looking statements, including, without limitation, statements regarding the impact of the above noted contract award and capacity expansion on the Fund's financial performance and statements regarding the business strategy, plans and objectives of or involving the Fund or the businesses in which it has invested. Prospective investors can identify many of these statements by looking for words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
By their nature, forward-looking statements require assumptions and are subject to inherent risks and uncertainties, including those discussed herein. There is significant risk that forward-looking statements will not prove to be accurate. You are cautioned not to place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: industry cyclicality; competition; reduction in demand for products; collection from customers; relationships with suppliers; lack of long-term agreements; expiration of rights under licence and distribution arrangements; raw material price volatility; product liability; intellectual property; reliance on key personnel; environmental; collective bargaining; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; dependence on other Fund subsidiaries; income tax matters; leverage and restrictive covenants; credit facilities; nature of units; distribution of securities on redemption or termination of Fund; restrictions on potential growth; effect of market interest rates on price of Units; undiversified and illiquid holdings in Armtec Operating Trust; and potential dilution. You are cautioned that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to the Fund, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements.
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The Fund undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities law.
Risks related to the Fund have been summarized in the Fund's latest Annual Information Form, Management's Discussion and Analysis included in the Annual Report and quarterly financial reports available on www.sedar.com or the Fund's web site at www.armtecincomefund.com.
SOURCE ARMTEC INFRASTRUCTURE INCOME FUND
For further information: For further information: Charles M. Phillips, President & Chief Executive Officer, Armtec Limited Partnership, Tel: (519) 822-0210, Fax: (519) 822-8894; James R. Newell, Chief Financial Officer, Armtec Limited Partnership, Tel: (519) 822-0210, Fax: (519) 822-8894; Carrie Boutcher, Vice President, Investor Relations & Treasurer, Armtec Limited Partnership, Tel: (519) 822-0210, Fax: (519) 822-8894