Sterling Awarded Two Projects Totaling $35.1 Million by the Nevada Department of Transportation
November 10 2020 - 8:30AM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that its subsidiary, Road and
Highway Builders, LLC (“RHB”) was selected by the Nevada Department
of Transportation to perform asphalt reconstruction on two separate
portions of U.S. Route 95 in Nevada.
The first project, worth $17.1 million, involves the
re-construction of 22 miles of asphalt on U.S Route 95 North near
Beatty, Nevada. The second project, worth approximately $18.0
million involves the re-construction of 25 miles of asphalt on
Route 95 from Fallon, Nevada to Schurz, Nevada. The projects are
scheduled to begin mid-October and are scheduled to be completed by
the second quarter of 2021.
“U.S. Route 95 in Western Nevada is an important link between
the population and tourism centers of Reno and Las Vegas,” stated
Joe Cutillo, Sterling’s CEO. “Stretches of this highway sustained
damage during recent earthquakes in the area making reconstruction
work all the more important to restoring safe road conditions for
motorists. We are pleased to once again be working with the Nevada
Department of Transportation on another important highway project.
These are two great projects for keeping our RHB operation’s
utilization high during the winter months and fit well with our
core competencies and equipment strengths.”
Sterling Construction Company, Inc., a Delaware corporation, is
a construction company that has been involved in the construction
industry since its founding in 1955. The Company operates through a
variety of subsidiaries within three segments specializing in Heavy
Civil, Specialty Services, and Residential projects in the United
States (the “U.S.”), primarily across the southern U.S., the Rocky
Mountain States, California and Hawaii, as well as other areas with
strategic construction opportunities. Heavy Civil includes
infrastructure and rehabilitation projects for highways, roads,
bridges, airfields, ports, light rail, water, wastewater and storm
drainage systems. Specialty Services projects include construction
site excavation and drainage, drilling and blasting for excavation,
foundations for multi-family homes, parking structures and other
commercial concrete projects. Residential 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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version on businesswire.com: https://www.businesswire.com/news/home/20201110005118/en/
Sterling Construction Company, Inc. Ron Ballschmiede, Chief
Financial Officer 281-214-0777
Investor Relations Counsel: The Equity Group Inc. Fred
Buonocore, CFA 212-836-9607 Mike Gaudreau 212-836-9620
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