CALGARY, Nov. 20, 2014 /CNW/ -Stuart Olson Inc. (TSX: SOX, SOX.DB, SOX.DB.A) ("Stuart Olson" or the "Company") today announced new contract awards totaling $130 million for its Industrial Group and Buildings Group segments.
Stuart Olson Industrial Group has been awarded a one year extension on an existing maintenance and turnaround contract to provide electrical, instrumentation and insulation services to a major oil sands owner.
The Stuart Olson Buildings Group in Southern Ontario secured a significant construction management project to construct a new building and retrofit an existing facility for a major university in the region.
"These new project awards are important to us for different reasons," said David LeMay, Stuart Olson's President and CEO. "The one year maintenance and turnaround contract extension provides an important piece of our 2015 revenue for the Industrial Group, and allows the owner and ourselves the time to complete negotiations in 2015 on a new longer term contract. The project awarded to our Buildings Group in Southern Ontario is the first significant project secured by this newly created branch and is a reflection of our strategy of growing in this market with the right size projects secured under our traditional construction management approach".
About Stuart Olson Inc.
Stuart Olson Inc. provides building construction, commercial and industrial electrical contracting, earthmoving and industrial insulation services to an array of public and private sector clients. Stuart Olson operates office locations throughout British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Stuart Olson common shares, and Stuart Olson's 2010 and 2014 convertible debentures are listed on the Toronto Stock Exchange under the symbols "SOX", "SOX.DB", and "SOX.DB.A", respectively.
Forward Looking Information
This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, without limitation, statements relating to the value and scope of the new awards and Stuart Olson's strategy of growing in the Ontario market. Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions, government policies and expected developments, as well as other material factors that it considers to be relevant at the time of making such statements.
No forward-looking statement can be guaranteed. By its nature, forward-looking statements are based on assumptions involve known and unknown risks and uncertainties, which may cause actual results, performance or achievements of Stuart Olson to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements which include, but are not limited to, a material adverse change in the affairs of Stuart Olson or a development materially adversely affecting the financial markets, and the risks and uncertainties described in the Company's Annual Information Form filed with the applicable securities regulatory authorities in Canada under the Company's profile at www.sedar.com. Although Stuart Olson has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are encouraged to consider the foregoing risks, uncertainties and other factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance upon such information when making investment decisions. Stuart Olson expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
SOURCE: Stuart Olson Inc.
For further information: Daryl Sands, Executive Vice President and Chief Financial Officer, Stuart Olson Inc., (403) 685 7777, [email protected]