Seacliff Construction Corp.

Seacliff Construction Corp.

September 11, 2008 08:00 ET

Seacliff Construction Corp. Announces Commencement of Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2008) - Seacliff Construction Corp. ("Seacliff") (TSX:SDC) announced today that has obtained the approval of the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid. Seacliff will commence the bid on September 15, 2008 and, subject to renewal, terminate the bid on the earlier of September 14, 2009 and the date on which Seacliff has acquired the maximum number of shares permitted under the bid. Seacliff has not previously acquired any of its common shares pursuant to a normal course issuer bid.

As of the date hereof, 21,946,488 common shares of Seacliff are issued and outstanding. Under the rules of the TSX, from September 15, 2008 to September 14, 2009 Seacliff may acquire up to 1,097,324 of its common shares under the bid, such amount representing 5% of the common shares issued and outstanding as of the date hereof. Subject to certain exemptions for block purchases, the maximum number of common shares that Seacliff may acquire on any one trading day is 8,951, representing 25% of the average daily trading volume from the closing of Seacliff's initial public offering on April 24, 2008 to August 31, 2008.

Under the bid, Seacliff will from time to time acquire its common shares at the then current market price through the facilities of the TSX. All shares purchased under the bid will be cancelled. The actual number of shares purchased, the time of the purchases and the prices at which the shares will be bought will depend on future market conditions.

Bill Crarer, CEO of Seacliff, commented, "Our view is that the market price of our common shares does not always fully reflect Seacliff's inherent value. As a result, we believe purchasing our common shares may be advantageous to our shareholders and an appropriate use of Seacliff's funds." With a strong balance sheet, Seacliff will be able to purchase shares under the bid while continuing to pursue strategic growth opportunities and execute on its Total Work on Hand of $709 million as at June 30, 2008.

About Seacliff Construction Corp.

Seacliff, which went public through an initial public offering in late April 2008, is one of the largest and most diversified construction companies in Western Canada. It provides general contracting construction services and electrical contracting services to a wide array of clients in both the public and private sectors, with a majority of its business derived from institutional, commercial and light industrial construction projects. Seacliff is headquartered in Vancouver, British Columbia and operates 15 locations in British Columbia, Alberta, Saskatchewan and Manitoba, as well as one location in Northwestern Ontario. Seacliff's business is conducted through two business units: Dominion Construction ("Dominion"), a general contractor, and Canem Systems ("Canem"), an electrical contractor.

As a general contractor, Dominion offers diversified general contracting, construction management and design build services in Western Canada primarily to institutional, commercial and light industrial clients. Dominion's services include preconstruction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project.

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. Canem's electrical contracting services include: designing electrical distribution systems within a building or complex; procuring and installing electrical equipment and materials; on-call service for electrical maintenance and troubleshooting; preventative and scheduled maintenance for critical component installations; budgeting and preconstruction services; and management of regional and national contracts for multi-site installations.

Forward-Looking Statements

Certain statements in this press release 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 Seacliff'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 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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