THE WOODLANDS, TX – April 21, 2020 – Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Road and Highway Builders, LLC (“RHB”), has been awarded an $80 million aviation subcontract by Parsons Corporation (“Parsons”) for the reconstruction of the Bucholz Army Airfield Runway in the Kwajalein Atoll of the Marshall Islands. Our efforts are a part of Parsons project with the US Army Corps of Engineers (USACE).
The project consists of paving a 200 foot by 6,000 foot runway in order to accommodate increased air traffic. Innovative phasing will allow the runway to remain operational while construction occurs, as the strategic significance of the airfield does not allow reconstruction to close the runway. Logistics has commenced to transport aggregates, other materials and equipment to the airfield. The reconstruction project has an estimated completion date of mid-2021.
“We are honored to have been selected to efficiently and safely improve the Bucholz Army Airfield, a critical strategic post for the U.S. military’s Pacific presence,” stated Joe Cutillo, Sterling’s CEO. “RHB has expertise in this type of terrain and remote working environment that can be brought to bear on this reconstruction. This project is yet another example of Sterling continuing to successfully execute our strategy of diversification away from the low-bid heavy highway business and illustrates the strength of our end markets, especially in these highly uncertain times.”
Sterling, a Delaware corporation, is a construction company that specializes in heavy civil infrastructure construction and rehabilitation, construction site excavation and improvement, and residential construction projects, primarily across the southern United States, the Rocky Mountain states, California and Hawaii. Heavy civil construction projects include highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems, foundations for multi-family homes, commercial concrete projects and parking structures. Site excavation and improvement entails construction site preparation primarily in the Southeast region of the United States for blue-chip customers in the distribution center, warehousing, e-commerce, data center, big box retail and energy sectors, as well as other growing end markets. Residential construction projects include concrete foundations for single-family homes in Texas.
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.
Sterling Construction Company, Inc.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620