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CEMATRIX Cellular Concrete Solutions CEMATRIX Announces 2021 First Quarter Results Calgary , Alberta – May 12 , 2021 - CEMATRIX Corporation ( TSXV : CVX ) ( OTCQB : CTXXF ) ( " CEMATRIX " or the " Company " ) a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced the release of its consolidated financial results for the first quarter ended March 31 , 2021 . " It was a very successful quarter and I'm proud of our accomplishments - we stayed safe , we operated through many COVID related complexities , completed the largest capital raise in the history of the Company , and revenues grew over 15 % compared to Q1 2020 , " stated Jeff Kendrick , President and CEO of CEMATRIX . “ I want to thank all of our employees at CEMATRIX , particularly our field staff , for staying safe and making our success possible through hard work and dedication . The first quarter is traditionally a slower quarter due to the seasonality of construction activity in our primary markets . With the capital raised we will continue the implementation of our strategic plan including accretive acquisitions , regional expansion in the USA , and balance sheet improvements . We continue to remain optimistic about our prospects for the year and remain on track to exceed 2020 results . " " A key part of our strategic plan was focused on strengthening our balance sheet and reducing overall leverage . As a result of our recently completed public offering in March 2021 , we were able to use a portion of the funds to reduce high interest debt and simplify our debt structure . With our strong cash position and our positive cashflow from operations , Cematrix is well positioned to continue to execute on our overall strategic plan , " stated Randy Boomhour , CFO of Cematrix . The following are the business and financial highlights for the first quarter : Business highlights for the Quarter : • • • Recognized as TSX Venture 50 company for the second consecutive year ( February 25 ) Announced new project awards of $ 9.9 million and a growing backlog to $ 89.1 million ( March 1 , 2021 ) CEMATRIX completed an equity financing in the amount of $ 23.0 million in gross proceeds to support its plans for regional growth in the U.S. and its continued pursuit of acquisition opportunities ( March 18 , 2021 ) Announced new project awards of $ 6.0 million and a growing backlog to $ 94.4 million ( March 31 , 2021 ) Financial highlights for the first quarter : • Revenue increased to $ 4.5 million in Q1 2021 versus $ 3.9 million in Q1 2020 . • Operating loss in Q1 2021 was $ 1.1 million versus $ 0.8 million loss in Q1 2020 . • Adjusted EBITDA was $ -0.5 million in Q1 2021 versus $ -0.5 million in Q1 2020 . • • Remain cashflow positive from operations , with cash generated from operating activities of $ 0.4 million in Q1 2021 , similar to the $ 0.4 million generated in Q1 2020 . Continue to execute on the strategic objective to de - lever the balance sheet having paid down $ 2.9 million in long term debt and earnout liabilities in the quarter . The balance sheet was further strengthened having received $ 2.0 million from warrant & stock option exercises and having $ 1.1 million in convertible debentures being converted . Derivative non - cash accounting item in the quarter : • In the first quarter , the Corporation recorded a $ 1.6 million non - cash fair value adjustment recovery and a corresponding decrease in current liabilities under the current portion of convertible debt non - cash derivative liability due to the IFRS accounting treatment for -