Aecon awarded $16 million contract for redevelopment of Peterborough Airport

PETERBOROUGH, ON, Aug. 24 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that its Construction and Materials Division has been awarded a $15.6 million design-build contract by the City of Peterborough for the redevelopment of the Peterborough Municipal Airport.

Under the contract, Aecon will extend and strengthen existing runways, taxiways and aprons, as well as upgrade the runway lighting. Expansion of groundside development lots, roadways and associated infrastructure will also be completed. This redevelopment will enable the Peterborough Airport to improve its ability for continued growth by expanding the airport's capacity.

Construction begins this month on the project and is scheduled for completion in March 2011.

Aecon Construction and Materials Limited (ACML) is managing the design build contract and is performing the grading drainage and asphalt paving scope of work. A number of Aecon Infrastructure business units will perform work on the project: AME is responsible for quality control and testing of the works, Miwel will perform some of the sanitary sewer and water main construction, and AGI Traffic Technology alongside Tristar will perform all of the electrical upgrades and specialized airport lighting work.

"This project will draw on the proven airport development strengths of a number of our business units and demonstrate the diversity of Aecon's civil construction capabilities," said Teri McKibbon, CEO of Aecon's Infrastructure Group. "We look forward to being able to utilize our diverse expertise on such a pinnacle project for the City of Peterborough."

Aecon Group Inc. is Canada's largest, publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the 50 Best Employers in Canada.

The information in this presentation includes certain forward-looking statements. These "forward-looking" statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Recent events in global financial and credit markets have resulted in abnormally high market volatility and a level of uncertainty not seen in decades. The high level of uncertainty arising from this crisis may continue to impact the global, North American and Canadian economies in unpredictable ways and may impact the results of Aecon in a manner which is currently impossible to ascertain. In addition, factors could cause Aecon's actual results, performance or achievements to vary from those expressed or inferred herein. Risk factors are discussed in greater detail in the section on "Risk Factors" in the Annual Information Form filed on March 31, 2010 and available at www.sedar.com. Forward-looking statements include information concerning possible or assumed future results of operations or financial position of Aecon, as well as statements preceded by, followed by, or that include the words "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or similar expressions. Important factors, in addition to those discussed in this document, could affect the future results of Aecon and could cause those results to differ materially from those expressed in any forward-looking statements.

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For further information: Mitch Patten, Senior Vice President, Corporate Affairs, Aecon Group Inc., 416-297-2615, [email protected], www.aecon.com