CEMATRIX Corporation
TSX VENTURE : CVX

April 29, 2008 16:38 ET

CEMATRIX Corporation Announces the Filing of its Annual Audited Financial Statements and MD&A, Expansion of Operational Capabilities and New Orders

CALGARY, ALBERTA--(Marketwire - April 29, 2008) - CEMATRIX Corporation (TSX VENTURE:CVX) (the "Corporation") is pleased to announce that on April 29, 2008, it filed its annual audited financial statements and management's discussion and analysis for the year ended December 31, 2007. The financial statements are available on SEDAR at www.sedar.com. The Corporation's consolidated balance sheet, statement of income (loss), comprehensive income and deficit and statement of cash flows have been restated for the year ended December 31, 2006. This corrected an error in the application of forfeiture rates in which the fair values for vested options and share purchase warrants were understated for the year ended December 31, 2006. The restatement had no reportable impact on the net loss per share as previously disclosed.

For the year ended December 31, 2008, the Corporation's sales orders were 313% ahead of the total annual sales for 2006. The Company also generated a consolidated profit of $810,000, which is a $1,721,000 improvement from the ($911,000) loss incurred for the year ended December 31, 2006.

In April, the Corporation relocated to a larger facility at 5440 53rd Street SE, Calgary, Alberta. With more than 18,000 sq feet of warehouse space and a 2.5 acre yard, the need for off-site storage of supplies and equipment is eliminated.

To facilitate opportunities for increased sales, the Corporation has ordered a portable batch plant which will help to reduce the Company's reliance on the delivery of cement slurry from ready-mix suppliers. The batch plant consists of a 3 cubic meter drum mixer, two 30 ton portable silos and a sand feeder to enable the future production of sand-based grouts. Delivery of the batch plant is expected by the beginning of Q3 in 2008.

To facilitate the planned, future expansion into Eastern Canada, the Company has contracted a business development consultant to begin marketing the benefits of CEMATRIX products to the engineering and construction communities in Ontario.

The Corporation is also pleased to announce that it has received new orders valued in excess of $0.7 million to supply Cellular Concrete for various construction projects. The new orders continue the Company's existing involvement in the major oil sands and refinery projects and municipal infrastructure projects.

CEMATRIX is an Alberta corporation with its head offices in Calgary, Alberta. The Corporation, through its wholly owned subsidiary, is a manufacturer and supplier of technologically advanced cellular concrete products with applications in a variety of markets, including oil and gas construction and infrastructure construction. Cellular concrete provides a cost and labour saving solution as a replacement for rigid and other insulating materials in frost-susceptible or permafrost conditions. Cellular concrete is also used in void filling situations and as a replacement for granular fills and weak or unstable soils.

For more information about CEMATRIX, its people, products, technologies and the industries which it serves, visit www.cematrix.com.

Forward-looking statements: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • CEMATRIX Corporation
    Dave Pickrell
    President and Chief Executive Officer
    (403) 219-0484
    Website: www.cematrix.com