HOUSTON--(BUSINESS WIRE)--Sterling Construction Company, Inc. (NasdaqGS: STRL), ("Sterling" or the "Company") today announced that Central Texas Mobility Constructors, a joint venture between its wholly owned subsidiary, Texas Sterling Construction Co. (“TSC”), and Webber, LLC, has been selected as the best value proposer by the Central Texas Regional Mobility Authority to design and build a 6.2-mile section of the Manor Expressway northeast of Austin, Texas. The joint venture, of which TSC is a 45-percent participant, has proposed to substantially complete the project within 955 days of issuance of a Notice to Proceed at a price of $207,272,859. Notice to Proceed will be issued after financial closing, tentatively set for May, following the sale of bonds.
Patrick T. Manning, Sterling’s CEO, stated: “We are pleased to win this design-build project, our largest in Texas to date, and be part of this joint venture, thus further building on our design-build and joint venture experience in Texas and Utah.”
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure in large markets in Texas, Utah, Nevada and other states where there are construction 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.