News Releases
CALGARY, March 14 /CNW/ - The Churchill Corporation (TSX: CUQ) ("Churchill" or the "Corporation") today reported that Stuart Olson Dominion Construction Ltd. ("SODCL"), its general contracting segment, has been awarded numerous new contracts in 2011 by public and private sector clients across Western Canada. As well, SODCL expects to execute additional material contracts in the first half of 2011. This release will highlight a few of these awards that will be added to SODCL's backlog in the first quarter of 2011.
In Alberta, SODCL has been awarded a contract valued at $45 million dollars, for the construction of Emerald Hills, a landmark commercial-retail shopping development in Sherwood Park, Alberta. It will be anchored by a major grocery and general merchandise retailer, and by a home improvement tenant. Sherwood Park is located 5 kilometres east of Edmonton, Alberta. Construction is expected to start in April 2011 with the premises available for occupancy in Q4 2012. Total project size (excluding anchors) is 300,000 square feet. This is a WAM Development Group project.
Also in Alberta, SODCL has been awarded a contract valued at $30 million dollars, for the construction of a six-storey, 155,000 square foot, commercial office building at the Westmount Corporate Campus, in Calgary, Alberta. Construction is expected to begin May 1, 2011 and completion is scheduled for Q1 2013. The owner of the building is Great West Life Realty Advisors.
In Saskatchewan, SODCL has been awarded a contract valued at $21 million dollars, for the construction of the Warman Middle School, for the Prairie School Division, in the Town of Warman, Saskatchewan. Construction is expected to begin this spring and completion is scheduled for Q2 2013. SODCL is also constructing the adjoining Town of Warman Recreation and Culture Centre. This school and recreation centre will be sharing facilities such as gymnasiums, fine arts theatre, music rooms and cafeteria facilities, maximizing value for money for the town and the school division.
In Manitoba, SODCL has been awarded a contract valued at $26 million dollars, for the construction of the Journey to Churchill Exhibit at the Assiniboine Zoo located in Winnipeg, Manitoba. Construction is expected to begin in May 2011 and completion is scheduled for the end of 2012.
Also in Manitoba, the scope of the new Winnipeg Blue Bomber Stadium has been expanded by approximately $35 million and construction is proceeding. Manitoba is an important focus area and SODCL anticipates securing additional projects from its business development activities in this region.
In British Columbia, SODCL is bidding on several new contracts which could significantly increase activity levels in this important province.
"We are pleased to see the volume of activity across all regions picking up as owner groups confirm their intentions to invest new dollars in education, commercial, retail and social infrastructure projects," said Jim Houck, Churchill's CEO. "We believe that SODCL is well positioned to capture the revenue synergies from the Seacliff integration and to secure additional projects as clients' capital investment decisions are finalized. These new awards and further additions secured by the general contracting, commercial systems and industrial services segments will be reported as additions to our backlog in the first half of 2011. The economy is recovering, and as it does we expect to see continued investment in public and private infrastructure projects across Western Canada."
About The Churchill Corporation
The Churchill Corporation provides building construction, commercial and industrial electrical contracting, earthmoving and industrial insulation services to an array of public and private sector clients. Churchill operates office locations throughout British Columbia, Alberta, Saskatchewan, Manitoba, northwest Ontario and the Yukon. Churchill common shares are listed on the Toronto Stock Exchange under the symbol "CUQ". www.churchillcorporation.com
Forward Looking Information
Certain statements in this Press Release may constitute "forward-looking statements". Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of the Corporation. Many of these statements can be identified by looking for words such as "believes," "expects," "may," "will," "intends," "anticipates," "estimates," "continues," or the negative thereof, or other variations thereon. Although management of Churchill believes its expectations regarding future performance of the Corporation are based on reasonable assumptions and currently available competitive, financial and economic data, market conditions and operating plans, it can give no assurance its expectations will be achieved. The Corporation cautions that, by their nature, forward-looking statements, involve risks, and uncertainties and that its actual actions, and/or results could differ materially from those expressed or implied in such forward-looking statements, and that the aforementioned risks, uncertainties and actions could affect the extent to which a particular projection materializes. The Corporation assumes no obligation to update the forward-looking statements should circumstances or the Corporation's management's estimates or opinions change, except as may be required by law.
