Seacliff Construction Corp.

Seacliff Construction Corp.

February 19, 2010 09:36 ET

CORRECTION FROM SOURCE: Seacliff Awarded $40 Million Electrical Contract at Southern Alberta Institute of Technology in Calgary

Total of $195 Million of New Work Secured Since End of Q3 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2010) - A correction from source is issued with respect to the release issued February 18, 2010 at 16:05 ET (13:05 PT) – The sub-headline at the top of the release stating that a total of $186 million of new work had been secured since the beginning of 2010 was incorrect. All other text is unchanged. The sub-headline has been corrected.

Seacliff Construction Corp. ("Seacliff") (TSX:SDC), one of the largest and most diversified construction companies in Western Canada, today announced that Canem Systems, its electrical and data communications contracting arm, has been awarded the $40 million electrical contract for the Trades and Technology Complex (TTC) at Southern Alberta Institute of Technology (SAIT) in Calgary. Canem will supply and install all the electrical equipment and systems at the TTC, a new state-of-the-art educational facility comprising more than 740,000 square feet of advanced, multi-discipline training space.

"The TTC has been designed to deliver 'real world' trades and technical training – training that must keep pace with a constantly changing workplace. It is also intended to be a world-class research facility," said Bill Crarer, Seacliff's CEO. "Canem will add considerable value by delivering a complete, highly sophisticated electrical and data communications system that has the flexibility to adapt with evolving technologies. That way, we can help ensure the TTC remains a recognized leader in technical training and research well into the future."

Expected to cost $445 million, the TTC's three buildings will house classrooms, lecture theatres, computer labs, leading-edge workshops, a hands-on exploration centre for school-aged children and the Enerplus Innovation Centre for applied research. Construction of the facility is currently underway, with completion set for 2012.

In addition to the SAIT contract, Canem has been awarded eight other contracts totaling an additional $18 million since the end of the third quarter. The largest of these is a new $9 million contract for tenant improvement work at the University of Alberta's Edmonton Clinic North.

During the same period, Dominion Construction, Seacliff's general contracting business unit, secured $137 million of new work spread across 67 projects. Landing such a large number of smaller, shorter-term contracts is consistent with Dominion's strategy to improve its bottom line by building on an already strong presence in the tenant improvement and small project market, where margins tend to be higher.

About Seacliff Construction Corp.

Seacliff provides general contracting construction services, electrical contracting and earth moving services to a wide array of clients in both the public and private sectors. The majority of the company's business is derived from institutional, commercial, civil and light industrial construction projects. Headquartered in Vancouver, British Columbia, Seacliff operates across Western Canada, with 22 locations in British Columbia, Alberta, Saskatchewan and Manitoba, as well as two locations in Northwestern Ontario. Seacliff's business is conducted through three business units: Dominion Construction, a general contractor; Canem Systems, an electrical contractor; and Broda Construction, an earth moving and heavy civil construction contractor.

As a general contractor, Dominion offers diversified general contracting, construction management and design-build services primarily to institutional, commercial and light industrial clients. Dominion's services include preconstruction planning and comprehensive project management services.

Canem provides a broad range of services including designing, building, maintaining and servicing electrical and data communication systems for institutional, commercial, light industrial and multi-family residential customers.

Broda specializes in aggregate processing, earthwork, civil construction and concrete production. Based in Saskatchewan's fast-growing resource market, and backed by a large and modern fleet of construction and support equipment, Broda serves a geographic market ranging from Prince George, BC to Dryden, Ontario.


Forward-Looking Statements

This press release contains statements concerning Seacliff's services, use of funds, business plan, and objectives. Seacliff's Total Work on Hand, other expectations, plans, goals, objectives, assumptions, information or statements about future events or conditions may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things, the successful implementation of Seacliff's business plan, the availability to Seacliff of qualified personnel, the continuation and completion of the projects forming Seacliff's Total Work on Hand, and general economic, business and market conditions. Although Seacliff believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Seacliff can give no assurance that such expectations will prove to be correct. The forward-looking statements are based on the Corporation's current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, among others, Seacliff's ability to be retained for existing and new project work by existing and new clients, Seacliff's ability to retain and hire the qualified personnel required, the delay or cancellation of projects forming Seacliff's Total Work on Hand, general economic, business and market conditions, and other risks as are detailed from time to time in the continuous disclosure filings of Seacliff. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. These forward-looking statements are made as of the date of this press release, and Seacliff assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable laws.

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