July 30, 2009 at 08:45 AM EDT
Sterling Construction Company, Inc. Has Been Selected to Construct a $32.8 Million Highway Project in Hawaii
Sterling Construction Company, Inc. (NasdaqGS: STRL), ("Sterling" or the "Company") today announced that its subsidiary, Road and Highway Builders, LLC, was notified that it was the apparent low bidder on a $32.8 million construction project on the Island of Hawaii for the Federal Land Highway Division of the U.S. Department of Transportation. Project construction is expected to begin late in the third quarter of 2009 and last approximately 24 months. The scope of the construction consists of the rebuilding of a 2-lane highway on Saddle Road, including excavation, embankment, asphalt paving and new drainage.
Joseph P. Harper, Sr., Sterling’s President and COO, said, “We are pleased to add this project to our backlog. Rich Buenting, RHB’s President, has been keeping an eye on this market for some time and one of our senior project managers has worked previously for this owner. This is the second of a series of projects to be built on the Big Island and we hope the first of many for us. As we have always said, we will continue to be opportunistic in these difficult economic times and look forward to this new challenge.”
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure in large and growing markets in Texas, Nevada and other states where there are bidding opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail and its water infrastructure projects include water, wastewater and storm drainage systems.
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, 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, whether as a result of new information, future events or otherwise.
James H. Allen, Jr., CFO
Joseph P. Harper, Pres. & COO
Investor Relations Counsel
The Equity Group Inc.
Linda Latman, 212-836-9609
Lena Cati, 212-836-9611
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