Stuart Olson Awarded $150 Million in New Contracts

CALGARY, April 30, 2019 /CNW/ - Stuart Olson Inc. (TSX: SOX, SOX.DB.A) ("Stuart Olson" or the "Company") today announced that it has been awarded approximately $150 million in new contracts.

The Buildings Group has secured awards that encompass both public infrastructure and private projects in Alberta, including a construction management project to build a new retirement residence. The balance is made up of medium and smaller sized project awards. These awards have a combined value of approximately $105 million and will be added to backlog in the first quarter of 2019.

The Industrial Group has secured a large industrial project with a repeat customer in Ontario and a new three-year master services agreement ("MSA") for bundled maintenance services with a petrochemical customer in Alberta, which bundles our recently acquired mechanical maintenance capabilities. These two awards have a combined value of approximately $45 million, of which approximately $20 million will be added to backlog in the first quarter 2019 and the remainder in the second quarter.

"These new contract awards are significant wins for both our Buildings and Industrial Groups," said David LeMay, Stuart Olson's President and CEO. "The Buildings Group awards in the public and private sectors are a reflection of our strength in Alberta, and our strong relationships with repeat clients. The Industrial Group secured a new MSA agreement that demonstrates the value and synergies we are able to obtain from our acquisition of Tartan by bringing full service maintenance capability to industrial clients across Canada."

About Stuart Olson Inc.

Stuart Olson Inc. provides general contracting and electrical building systems contracting in the public and private construction markets as well as general contracting, electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market. The Company operates office locations and projects throughout Western Canada, Ontario and the territories. Stuart Olson was recognized as one of Alberta's Top Employers in 2019 for the third consecutive year. Stuart Olson's common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "SOX" and "SOX.DB.A", respectively. www.stuartolson.com

Forward Looking Information 

This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, without limitation, statements relating to the value and scope of new awards and statements related to Stuart Olson's revenue visibility and future growth strategy. Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions, government policies and expected developments, as well as other material factors that it considers to be relevant at the time of making such statements.

The forward-looking information in this press release is included solely for the purpose of assisting investors in understanding Stuart Olson's financial position and the results of its operations as at the date hereof. By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that management's assumptions, analysis and estimates will be incorrect and that Stuart Olson's anticipated results will not be achieved. Although Stuart Olson believes that the statements with respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the risks and uncertainties described in Stuart Olson's Annual Information Form filed with the securities regulatory authorities in Canada under Stuart Olson's profile at www.sedar.com. Readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions.

The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While Stuart Olson may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.

SOURCE Stuart Olson Inc.

Daryl Sands, Executive Vice President and Chief Financial Officer, Stuart Olson Inc., [phone], Email: [email protected], [email protected]

Related Links

www.stuartolson.com