Seacliff Construction Corp.

Seacliff Construction Corp.

October 17, 2008 08:00 ET

Seacliff's Construction Contracting Division Awarded $50 Million Contract by UBC Okanagan in Kelowna, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2008) - Seacliff Construction Corp. ("Seacliff") (TSX:SDC) today announced that Dominion Construction, its construction contracting division, has been awarded the $50 million Construction Management contract for the new Engineering and Management Building at the University of British Columbia Okanagan (UBCO) in Kelowna, British Columbia. The construction of the new facility will commence in the fourth quarter of this year with project completion scheduled for late 2010.

"We are extremely pleased with the selection of Dominion to participate in the expansion of UBC Okanagan for a number of reasons," said Bill Crarer, Seacliff's CEO. "This contract provides an excellent opportunity for Dominion's recently established Kelowna branch to increase our profile in the rapidly growing Okanagan market. We also see it as clear evidence that activity within the institutional construction sector remains strong, despite the recent volatility in global financial markets. And finally, we are proud to play a role in helping provide world-class education and training facilities for residents of the region."

The Engineering and Management Building will comprise 15,028 square metres (186,000 sq. ft.) and house lecture theatres, classrooms, research labs and office space. Construction will be partially funded by a $40 million contribution from the B.C. government. To date, the Province has committed a total of $100 million to UBCO's facilities expansion program, the balance of which will be used to help fund the construction of a Health Sciences Centre and a second Arts and Sciences Building at the campus. In total, UBCO plans to expand its building space from 46,400 sq. m. (0.5 million sq. ft.) to 139,000 sq. m. (1.5 million sq. ft.) by 2010.

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 16 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 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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