VANCOUVER, BRITISH COLUMBIA, Mar. 3, 2010– Seacliff Construction Corp. (TSX:SDC), one of the largest and most diversified construction companies in Western Canada, today announced that Dominion Construction, its general contracting division, has been awarded two major institutional construction management contracts in British Columbia worth a combined $61.8 million.
The first contract, known as the British Columbia Institute of Technology (or “BCIT”) Gateway Project, is with BCIT and involves the construction management of a dramatic new three-storey, 78,000 square foot academic/office building at the BCIT campus in Vancouver. Concurrently, Dominion will renovate and upgrade several existing BCIT buildings, with all work scheduled for completion by March 31, 2011. Funded in part by federal stimulus money, this project is valued at $31.8 million.
The second contract is with the City of Surrey and entails the construction management of a new three-storey, 77,000 square foot public library. Designed by Bing Thom Architects, this distinctive building will be part of the first phase of the redevelopment of the Surrey City Centre. This $30.0 million project is partially funded by federal stimulus money and is also scheduled to be completed by March 31, 2011.
“We are very pleased to announce the selection of Dominion as construction manager for these new institutional infrastructure projects,” said Bill Crarer, Seacliff’s CEO. “We are also happy that the federal stimulus spending promised in early 2009 has now progressed to the point where it is being translated into project awards. We believe the majority of these awards are still to come, and are optimistic that Seacliff will secure more stimulus-related projects in the coming weeks and months.”
Currently, it is estimated that Canada’s infrastructure deficit is $123 billion, with many roads, bridges, airports, schools, hospitals and other public buildings well over 40 years old and in need of replacement. As a result, provincial governments across Western Canada have announced infrastructure spending commitments of more than $30 billion over the next three years. In addition, the federal government made several major infrastructure investment announcements throughout 2009, as it worked to stimulate a weak economy. With a solid track record of completing major institutional work on time and on budget, the financial resources required to take on large-scale projects, and a broad range of service offerings that now include aggregate processing, earthwork, civil construction and concrete production, Seacliff is well-positioned to benefit from the resulting institutional opportunities.
About Seacliff Construction Corp.
Seacliff is one of the largest and most diversified construction companies in Western Canada. The company provides general contracting construction services, electrical contracting and earth moving services to a wide array of clients in both the public and private sectors, with a majority of its business derived from institutional, commercial, civil and light industrial construction projects. Seacliff is headquartered in Vancouver, BC and operates 22 locations in British Columbia, Alberta, Saskatchewan and Manitoba, as well as two locations in Northwestern Ontario. Seacliff’s business is conducted through three business units: Dominion Construction, a general contractor; Canem Systems, an electrical contractor; and the Broda Construction Group, a Saskatchewan-based earth moving and heavy civil construction contractor.
FORWARD-LOOKING STATEMENTS
This press release contains statements concerning Seacliff’s services, use of funds, business plan, and objectives. Seacliff’s Total Work on Hand, other expectations, plans, goals, objectives, assumptions, information or statements about future events or conditions may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things, the successful implementation of Seacliff’s business plan, the availability to Seacliff of qualified personnel, the continuation and completion of the projects forming Seacliff’s Total Work on Hand, and general economic, business and market conditions. Although Seacliff believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Seacliff can give no assurance that such expectations will prove to be correct. The forward-looking statements are based on Seacliff’s current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, among others, Seacliff’s ability to be retained for existing and new project work by existing and new clients, Seacliff’s ability to retain and hire the qualified personnel required, the delay or cancellation of projects forming Seacliff’s Total Work on Hand, general economic, business and market conditions, and other risks as are detailed from time to time in continuous disclosure filings of Seacliff. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. These forward-looking statements are made as of the date of this press release, and Seacliff assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable laws.
