Toronto, Ontario--(Newsfile Corp. - November 4, 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 it has been awarded a new residential housing contract totaling 150+ units in Pickering, Ontario.
Following the recent announcement dated October 21, 2024 - Urban Infrastructure Group Inc. Begins Work on 400+ New Residential Units in Southern Ontario, today's announcement reflects the pace of additional business that UIG is winning. The UIG team will begin sewer utility pipe service installation and concrete pouring of basements, garages and porches on the approximately 150 new residential units in Pickering in early January. The $1.5M contract is projected to take 6 months to complete.
Ungad Chadda, CEO of UIG stated, "The recent BoC interest rate cut of half a point has directionally aligned with further stimulating residential developers to move forward on projects. We are delighted to finally see signs a recovery and rebound in the new home building market, and UIG is very well positioned to capitalize on that growth opportunity."
UIG's current Bid Pipeline sits at $31M+ (2,800+ units) of which the Contracted Pipeline currently sits at $9.5M (800+ 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228775
SOURCE: Urban Infrastructure Group Inc.
