Seacliff Construction Corp.
TSX : SDC

Seacliff Construction Corp.

March 20, 2009 19:15 ET

Seacliff Construction Declares Cash Dividend Policy

Company to pay quarterly dividend of $0.05 per share, beginning with Q1 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 20, 2009) - Seacliff Construction Corp. ("Seacliff"") (TSX:SDC) today announced that it has established a cash dividend policy. Under the newly implemented policy, Seacliff intends to pay shareholders a quarterly dividend of $0.05 per share, beginning with the first quarter of 2009. This newly implemented policy reflects Seacliff's confidence in its financial position and its commitment to returning value to its shareholders.

"We are very pleased to announce the implementation of this cash dividend policy," said Bill Crarer, Seacliff's CEO. "With no debt, solid cash flow, strong earnings and good visibility on future revenues, we are confident in our ability to pay a dividend to our shareholders while continuing to implement our growth strategy."

The initial dividend under the newly implemented policy will be payable on April 15, 2009 to shareholders of record on March 31, 2009. The ex-dividend date will be March 27, 2009. The dividends will be eligible dividends for Canadian tax purposes.

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, B.C. 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, a general contractor; and Canem Systems, 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 work on hand, general economic, business and market conditions and Seacliff's ability to pay dividends in the future. 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 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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