THE WOODLANDS, TX – June 19, 2018 – Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or the "Company”) today announced that its subsidiary Texas Sterling Construction Co. (“TSC”) was selected by the Texas Department of Transportation to widen a portion of FM 664 in Ellis County, TX. The $28 million project consists of widening from a two lane to a six-lane urban divided highway including intersection improvements on approximately four miles. The project scope includes also enhancements to drainage, signal and signage to improve the safety of the intersection. The project is scheduled to begin in late August, and is expected to take 20 months to complete.
“Ellis County, which is part of the Dallas-Fort Worth metroplex, is one of the fastest growing counties in Texas,” stated Joe Cutillo, Sterling’s Chief Executive Officer. “FM 664 is an important roadway that runs east-west through a very busy commercial district in the Red Oak area and is a connector between several north-south running roadways, including I-35. We are pleased to be part of this widening and improvement project as it will serve to ease traffic and improve safety for the rapidly increasing number of area residents. From a strategic perspective the Texas heavy civil market remains an important element of Sterling’s overall business and this project, which utilizes a variety of our core capabilities, represents the type of TxDOT job that we can execute profitably with strong visibility over the next two years.”
Sterling is a construction company that specializes in heavy civil construction and residential concrete projects primarily in Arizona, California, Colorado, Hawaii, Nevada, Texas, Utah and other states in which there are feasible construction opportunities. Our 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. Our residential construction projects include concrete foundations for single-family homes.
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.