Aecon Group Inc. (TSX: ARE) is providing notice of a correction to the information contained in the Company's press release of August 19, 2010 announcing the awarding of two contracts to its Infrastructure division totalling $75.4 million.
The scheduled completion of the projects outlined in the release should read summer of 2012 (rather than summer of 2010).
Correct copy follows:
Aecon awarded two contracts in Alberta totalling $75 million
CALGARY, Aug. 19 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that its Infrastructure Division has been awarded two contracts totalling $75.4 million; a contract by Parks Canada for $46.7 million for the twinning of the Trans Canada Highway in Banff National Park, and a contract from the City of Calgary for the extension of 96 Avenue Northeast in Calgary.
Under the terms of the first contract awarded by Parks Canada, Aecon will twin the Trans Canada highway in Banff National Park for a 6.2 kilometre stretch from just west of Lake Louise to the British Columbia/Alberta border. The project includes the construction of three bridges, two over the Canadian Pacific Railroad, as well as one to serve as a wildlife crossing over Bath Creek. The project also involves installation of wildlife fencing along the project's length.
Under the second contract, Aecon will construct a six-lane extension to connect the existing 96 Avenue NE with the Deerfoot-Trail Airport Interchange, for the City of Calgary. The contract includes upgrading the interchange, for Alberta Transportation. In addition, Aecon will construct four new bridges for eastbound and westbound traffic over Nose Creek and the Canadian Pacific Rail tracks. The project also involves the construction of a new embankment, storm-water facilities, sanitary sewers, water main installation and sign structures. As well, Aecon will construct an extension of The City of Calgary's Regional Pathway.
Work on both projects has commenced, with completion scheduled for the summer of 2012.
"These high-profile projects are a great fit for Aecon, and demonstrate our extensive experience in constructing highways while maintaining the ecological integrity of the areas," said Teri McKibbon, CEO of Aecon's Infrastructure Group. "Aecon's strength and experience, alongside our reputation for working on such projects, make Aecon a great partner for both the City of Calgary and Parks Canada."
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 on a selected basis internationally. Aecon is pleased to be recognized as one of the 50 Best Employers in Canada as published by Report on Business Magazine.
The information in this presentation includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Recent events in global financial and credit markets have resulted in abnormally high market volatility and a level of uncertainty not seen in decades. The high level of uncertainty arising from this crisis may continue to impact the global, North American and Canadian economies in unpredictable ways and may impact the results of Aecon in a manner which is currently impossible to ascertain. In addition, factors could cause Aecon's actual results, performance or achievements to vary from those expressed or inferred herein. Risk factors are discussed in greater detail in the section on "Risk Factors" in the Annual Information Form filed on March 31, 2010 and available at www.sedar.com. Forward-looking statements include information concerning possible or assumed future results of operations or financial position of Aecon, as well as statements preceded by, followed by, or that include the words "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or similar expressions. Important factors, in addition to those discussed in this document, could affect the future results of Aecon and could cause those results to differ materially from those expressed in any forward-looking statements.
SOURCE Aecon Group Inc.
For further information: For further information: Mitch Patten, Senior Vice President, Corporate Affairs, Aecon Group Inc., 416-297-2615, email@example.com, www.aecon.com