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, federal, state and local government funding, 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 or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.
Sterling Construction Company, Inc. (NasdaqGS:STRL) ("Sterling" or "the Company") today announced that its subsidiary, Ralph L. Wadsworth Construction Company, LLC ("RLW") was selected by the Utah Department of Transportation ("UDOT") to reconstruct and rehabilitate approximately fourteen miles of I-15 in Salt Lake County from 12300 South to State Road 201. The project is valued at approximately $136 million dollars. RLW will be responsible for improving the I-15/I-215 interchange near 7200 South, widening 7200 South by one lane in each direction from I-15 to Bingham Junction Blvd, and resurfacing of southbound bridge structures between 12300 South and SR-201. Included with the work on 7200 South is the replacement of two railroad structures over 7200 South, one for Utah Transit Authority and the other for Union Pacific Railroad. Other key elements of the project include earthwork and grading, drainage, PCC paving, multiple bridge widenings and preservations, MSE retaining walls, noise walls, and utility work. At its peak, the job will require roughly 250 RLW employees. Design work has already begun, with construction starting in late spring 2018 and an estimated completion date by the end of 2019. Joe Cutillo, Sterling's CEO, commented, "This new award adds significantly to our backlog, and is reflective of our disciplined approach to selectively bidding on jobs consistent with our strategy. RLW was selected for this project due, in part, to its design-build capabilities, which include significant engineering expertise and a strong track record of executing effectively on complicated construction elements such as bridge widening and replacement. In addition, with its substantial rail-related elements, this project demonstrates our continued focus on expansion into adjacent business lines outside of heavy highway. Once completed, the improvements to this very busy stretch of I-15 South will alleviate traffic congestion, enhancing safety and reducing drive times for motorists in the area." Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation infrastructure, water infrastructure, and residential and commercial concrete projects in Texas, Utah, Nevada, Colorado, Arizona, California, Hawaii and other states in which there are construction opportunities. Its heavy civil construction projects include highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems and multi-family homes, commercial projects and parking structures. Its residential concrete projects include concrete foundations for single-family homes.