ADF Group Inc. announces the signing of a series of new commercial agreements in the United States valued at a total of $165.0 million
TERREBONNE, QC, June 12, 2019 /CNW Telbec/ - ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX), a North American leader in the fabrication of steel superstructures, is pleased to announce the signing of a series of new commercial agreements in the commercial building sector in the United States, worth a total of $165.0 million.
The scope of the largest project among this series of new commercial agreements, in terms of value, involves erecting the entire steel structure of a new multi-story building in Southeastern U.S.A., and includes design-assist services, the design and engineering of connections, as well as the fabrication and industrial coating. The fabrication and steel erecting work are scheduled to begin next year.
The other largest project, in terms of value, consists in the design and engineering of connections, the supply of the material (steel), the fabrication work, which includes the application of industrial coating, as well as construction engineering services and the installation of the steel structure of a new commercial building on the U.S. West Coast. The fabrication portion of this new project will begin in the coming weeks.
The Corporation expects to finalize the operational and technical details of the first agreement in the coming weeks, and will disclose additional information in a timely manner.
Mr. Jean Paschini, Co-Chairman of the Board and Chief Executive Officer, stated "Our current order backlog recorded a solid increase compared with the same period last year. We are all proud with the work accomplished to date, and we continue our efforts and initiatives to ensure the growth of our order backlog."
The Corporation's order backlog stood at $255.4 million at the close of the first quarter ended April 30, 2019, excluding the new orders announced today.
All amounts are in Canadian dollars, unless otherwise indicated.
RESULTS FOR THE FIRST QUARTER ENDED APRIL 30, 2019
The Corporation published the results for its first quarter ended April 30, 2019, this morning.
ANNUAL MEETING OF SHAREHOLDERS
ADF Group Inc. will hold its annual meeting of shareholders today at 11:00 a.m. at the Imperia Hotel & Suites, located at 2935, de la Pinière Boulevard, in Terrebonne, Quebec.
About ADF Group Inc.
ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential construction industry. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States.
Forward-Looking Information
This press release contains forward-looking statements reflecting ADF objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations.
SOURCE ADF Group Inc.
ADF GROUP INC., Mr. Jean Paschini, Co-Chair of the Board of Directors and Chief Executive Officer; Mr. Jean-François Boursier, CPA, CA, Chief Financial Officer, Telephone: (450) 965-1911, Website: www.adfgroup.com