ST. ALBERT, ALBERTA--(Marketwired - Oct 25, 2013) - Enterprise Group, Inc. ("Enterprise" or the "Company") (TSX:E) is pleased to announce new contracts for two of its subsidiaries, T.C. Backhoe & Directional Drilling ("TC") and Calgary Tunnelling & Horizontal Augering Ltd. ("CTHA").
TC has obtained a Hydro-Vac contract worth more than $3 million with one of North America's largest pipeline and natural gas storage companies. The project has an immediate start date and the work will be performed on over 100 sub-station sites throughout Northern Alberta over the next 20 months.
In order to accommodate both this contract and future growth, Enterprise has ordered eight Hydro-Vac units, doubling the capacity of the Company's existing fleet. TC will take delivery of two new units immediately, and the balance will be delivered in the first quarter of 2014.
"TC is very excited by this opportunity to work for an industry leader," stated Leonard D. Jaroszuk, Enterprise's President and Chief Executive Officer. "This contract will provide TC with a steady revenue stream over both the next two winter seasons and the historically slower spring months, since we will be on site through the 'spring breakup'."
Additionally, since the Company's previous Corporate Update on September 17, 2013, CTHA has added approximately $2 million to its $8.4 million schedule of construction projects, which includes a contract with one of Canada's largest railway providers. This project has an immediate start date.
Enterprise is also pleased to announce that CTHA has been awarded a 2012 Safety Award by the Alberta Road Builders and Heavy Construction Association (ARGCA). CTHA was recognized as the largest employer to achieve zero lost time claims (measured by man hours).
"This award confirms CTHA's commitment to safety as a key measurement to the Company's success," stated Mr. Jaroszuk. "This commitment, combined with best-in-class customer service and a track record of providing exceptional work performance in difficult work areas, will help to ensure CTHA's long-term growth."
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily construction services and specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management and human resources to support continued growth. Enterprise became a Western Canadian leader in flameless heat technology in September 2012 with its acquisition of Artic Therm International Ltd. and has now become a technological leader in underground infrastructure construction by the closing of Calgary Tunnelling & Horizontal Augering Ltd. June 14, 2013.
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
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