Toronto, Ontario--(Newsfile Corp. - October 21, 2024) - Urban Infrastructure Group Inc. (TSXV: UIG), a leading stage-one concrete and drainage infrastructure construction group, specializing in large scale new residential housing developments, announces that crews have been deployed and work has begun on two new residential housing projects totaling 400+ units across the Greater Toronto Area (GTA).
The Company has broken ground on its newest residential development project located in Pickering, Ontario, where it will begin foundation concrete pouring (basement, garages and porches) and sewer utility pipe service installation on approximately 162 new residential units. Additionally, Urban reports it has also started work on a second new large-scale, multi-phase, multi-year residential development in Oakville, Ontario totalling 242 new units.
UIG has completed 500+ new unit builds in Fiscal 2024. Its current Bid Pipeline sits at $31M+ (2,800+ units) and the Contracted Pipeline currently sits at $8M (650+ units). Urban defines Bid Pipeline as all tenders or RFP's that Urban has been invited to bid on and for which the Company has submitted a bid. Contracted Pipeline is defined as the subset of the Bid Pipeline that has been confirmed as awarded by the customer to Urban.
Ungad Chadda, CEO of UIG stated, "Canada's spring housing market missed the memo in 2024, as new residential housing starts continued its sluggish pace. After a summer of subdued developer new project starts, UIG is seeing activity picking up. Forecasts of 'supersized' Bank of Canada rate cuts by year end should stimulate developers to move forward with their development projects and UIG remains well positioned to capitalize as the market improves."
About Urban Infrastructure Group
Urban Infrastructure Group Inc. (TSXV: UIG) is a leading concrete and drainage infrastructure construction group engaged in the earliest stage of the construction process - known as Stage One. Urban Infrastructure Group specializes in large-scale, master-planned residential communities, with partners and customers behind some of Ontario's most significant residential development projects.
Connect with UIG: https://urbaninfrastructuregroup.com/
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Contact:
Bill Mitoulas
Investor Relations
T: +1.416.479.9547
E: bill@urbaninfrastructuregroup.com
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Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Some of these risks are described under the "Caution on Forward-Looking Information" section and "Risk Factors" section of the MD&A. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE: Urban Infrastructure Group Inc.
