THE WOODLANDS, Texas–(BUSINESS WIRE)–Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the
Company”) today announced that its subsidiary, Ralph L. Wadsworth
Construction Company, LLC (“RLW”) has been selected by the Utah
Department of Transportation (“UDOT”) to construct a new Express Lane
extension on I-15 from Layton, UT to Riverdale, UT. The $94 million
project is scheduled to commence in May of 2019, with completion
targeted for the fourth quarter of 2020.
The project consists of constructing a new Express Lane on I-15 from
Milepost 331 to Milepost 340, which will entail the widening of the
existing I-15 median, along with the widening and replacement of eight
bridge decks and the full replacement of two bridges. RLW will also
install several new retaining walls, in addition to drainage upgrades,
pavement rehabilitation, landscaping, and signage improvements. At the
conclusion of the project, approximately 80 miles of Express Lanes will
be connected from Spanish Fork, UT to Riverdale, UT.
Joe Cutillo, Sterling’s CEO commented, “RLW continues to strengthen its
momentum in Utah with yet another impressive project award. We value our
strong relationship with UDOT and are pleased to have the opportunity to
better meet the needs of commuters as I-15 is the main transportation
facility and primary commuter route that links Davis and Weber county.
Our Utah business has a successful track record of executing and
completing large, high profile projects, and we’re confident that this
$94 million award will make a meaningful contribution to Sterling’s
profitability in the back-half of 2019 and through most of 2020.”
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
infrastructure rehabilitation as well as residential construction
projects, primarily in Arizona, California, Colorado, Hawaii, Nevada,
Texas, Utah and other states in which there are feasible construction
opportunities. Heavy civil construction projects include highways,
roads, bridges, airfields, ports, light rail, water, wastewater and
storm drainage systems, foundations for multi-family homes, commercial
concrete projects and parking structures. Residential construction
projects include concrete foundations for single-family homes.
This press release includes certain statements that fall within the
definition of “forward-looking statements” under the Private Securities
Litigation Reform Act of 1995. Any such statements are subject to risks
and uncertainties, including overall economic and market conditions,
federal, state and local government funding, competitors’ and customers’
actions, and weather conditions, which could cause actual results to
differ materially from those anticipated, including those risks
identified in the Company’s filings with the Securities and Exchange
Commission. Accordingly, such statements should be considered in light
of these risks. Any prediction by the Company is only a statement of
management’s belief at the time the prediction is made. There can be no
assurance that any prediction once made will continue thereafter to
reflect management’s belief, and the Company does not undertake to
update publicly its predictions or to make voluntary additional
disclosures of nonpublic information, whether as a result of new
information, future events or otherwise.
Sterling Construction Company, Inc.
Ron Ballschmiede, Chief
Investor Relations Counsel:
The Equity Group Inc.
Buonocore, CFA 212-836-9607
Kevin Towle 212-836-9620