Sterling Construction Company, Inc. Awarded $60 Million Boerne, TX Project

Business Wire 17-Apr-2018 4:05 PM

Sterling Construction Company, Inc. (NASDAQ:STRL) ("Sterling" or the "Company") today announced that its subsidiary Texas Sterling Construction Co. ("TSC") was selected by the Texas Department of Transportation to reconstruct and widen a portion of Interstate 10 and its frontage roads near Boerne, TX. The $60.2 million project consists of 6.2 miles of new asphalt pavement, and the construction of bridge structures at South Main Street and West Bandera Road. Associated drainage, electrical and signage work along Interstate 10 will also be included. This particular project will require over 140,000 cubic yards of excavation and over 230,000 cubic yards of embankment for the walls and bridges as well as over 220,000 tons of asphalt paving. The project is scheduled to begin in early June, and is expected to take 30 months to complete.

Joe Cutillo, Sterling's Chief Executive Officer, commented, "The demands of this project align nicely with our core skills in the Texas market and is a great add to our overall backlog. TSC was selected for this project due, in part, to its versatility including asphalt work, ramp reconfiguration, and bridge construction. This stretch of Interstate 10 near Boerne, Texas is known for traffic congestion, so our efforts in improving ramp and frontage road traffic will help alleviate this problem going forward."

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.

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