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Calgary , Alberta CEMATRIX Cellular Concrete Solutions CEMATRIX Announces 2021 Third Quarter Results November 10 , 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 quarter ended September 30 , 2021 . " During this quarter , COVID continued to impact a number of our projects . Factors beyond our control , such as supply chain issues and pandemic labour restrictions , experienced by our customers have led to project delays which resulted in lower sales for the quarter and year to date . This trend is expected to continue for the balance of 2021 , however , with more visibility into the timing of some of these projects and with many of the COVID related delays mostly fading , we expect revenues to remain steady in the fourth quarter . We remain very positive and optimistic for 2022 and beyond as we start to convert our large backlog into revenue , " stated Jeff Kendrick , President and CEO of CEMATRIX . " The demand for cellular concrete remains strong , as evidenced by increased bidding activity , particularly in Canada where the number of active bids has grown by over 55 % to the end of the quarter . As well , bidding activity in the U.S. remains strong as evidenced by our growing backlog , that continues to exceed $ 90 million . " “ The drop in sales this quarter and year to date is mainly attributed to delay in the $ 16 million North Carolina project that was originally scheduled to require our cellular concrete starting in the second quarter of 2021.After numerous delays , the project got underway this fall , so the requirement for our product is now scheduled for the spring / summer of 2022. The scheduling of tunnel projects also contributed to reduced sales to date in the U.S. There are numerous tunnels in our backlog , but most are not scheduled to be completed until 2022 and beyond . In contrast to the lower sales results to date in the US , sales in Canada have rebounded strongly , from the low last year due to COVID , up over 66 % year to date and up almost 100 % this quarter compared to 2020. " " We continue to pursue organic growth opportunities throughout North America ; we are moving forward with regional expansion plans ; and we are evaluating various strategic growth and acquisition opportunities , particularly in the U.S. " " A key highlight for the quarter was a five - year extension of our marketing and supply agreements with Lafarge which includes a commitment by both parties to continue to grow this alliance for the benefit of both parties . " " Another key highlight was the addition of John Kim to our Board effective October 1 , 2021. With John's experience in acquisitions , capital markets and audit committees among other things , he will be a great compliment to our already strong Board . " " In conclusion , and as I do every quarter , 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 . " " With our strong cash position of $ 20 million and an improved balance sheet , CEMATRIX continues to be well positioned financially , " stated Randy Boomhour , CFO of Cematrix . “ We continue to successfully reduce our overall leverage and improve the Company's working capital position . "