CEMATRIX Announces 2024 First Quarter Financial Results

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Record Q1 revenue of $8.4 million with positively adjusted EBITDA

Calgary, Alberta, May 08, 2024 (GLOBE NEWSWIRE) — Symatrix Company (TSXV: CVX) (OTCQB: CTXXF) (“Cymatrix“or the”a company) A leading North American manufacturer and supplier of technologically advanced aerated concrete products announced the release of its consolidated financial results for the first quarter ending March 31, 2024.

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“I am pleased to report that CEMATRIX not only delivered another record quarter along with substantial improvements in our key financial metrics. With a 17% increase in revenues compared to last year's first quarter and significant improvements in our gross margins, we successfully achieved EBITDA ( positive EBITDA during what is traditionally our slowest period. This achievement underscores our efficient management and strong demand for our products,” said Jeff Kendrick, CEO of Symatrix.

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“We were able to generate significant positive cash flow of $4.8 million. “A significant portion of this cash flow came from the collection of our accounts receivable balance at the end of the year which was a result of the record revenues we generated in 2023. This is a great start to the year for our business,” he said. M.J. Cantin, CFO, Symatrix.

“I would like to thank all of our employees at CEMATRIX and in particular our field employees who continue to safely and consistently deliver on time, on budget and on high quality projects for our clients. Their efforts in the field are the foundation of our success. I also wanted to thank our sales teams who continue to win more projects, giving us more opportunities in the future to demonstrate how aerated concrete is the right solution to help our customers,” said Randy Bomhour, COO of CEMATRIX.

“Our commitment to growth and shareholder value remains steadfast as we continue to drive strong organic growth and maintain a strong balance sheet. With management owning a significant stake in the company, our interests are closely aligned with those of our shareholders. As we execute on our strategic plan, we are optimistic about 2024 and beyond, We are confident that our product offerings and the benefits they provide to customers will continue to provide tremendous opportunities for our business.

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Below are business and financial highlights for the fourth quarter and year to date:

Highlights of business this quarter:

• Announcement of new contracts worth $6.2 million (January 3, 2024)
• Announcement of the appointment of Marie-José Cantin as the new CFO (February 5, 2024)
• Announced that CEMATRIX has been recognized as one of the TSX Venture Top 50 for the third time in four years (February 21, 2024)
• Announcement of new contracts worth $6.7 million (March 6, 2024)

Highlights of business after this quarter:

• Announcement of new contracts worth US$7.6 million and reduction in backlog of US$17.0 million due to reduction in scope of the previously awarded tunnel project (April 26, 2024)

Summary of financial results:

Cash flow from operations before working capital adjustments. Earnings before interest, taxes, depreciation and amortization (“aEBITDA”) is a non-GAAP measure. The company determines and provides aEBITDA calculation in its MD&A.

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Granting stock options

On May 8, 2024, the Company granted 450,000 incentive stock options to certain directors of the Company, pursuant to the Omnibus Equity Incentive Compensation Plan (“OEIC Plan”) to purchase shares at an exercise price set at the closing price on May 8, 2024. Grant Date, subject to the options provisions, is Any time until May 8, 2029.

Following grant on May 8, 2024, the Company will have a total of 7,167,723 options and RSUs outstanding which represent 5.3% of the Company's approximately 135 million issued and outstanding shares and are 53% of the maximum amount of 10.0% authorized under the OIC Plan.

Webinar on first quarter financial results

Management will host a webinar at 1:00 PM ET on Thursday, May 9, 2024 to discuss CEMATRIX's first quarter financial results, provide a company update and conclude with a question-and-answer session from online participants.

Pre-register for this webinar:
https://us02web.zoom.us/webinar/register/WN_Dix8sOfYTe-U8_qtyzb6SA

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After registering, you will receive a confirmation email with information about joining the webinar.

About Symatrix

CEMATRIX is a rapidly growing company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations across North America. This unique cement-based material with superior thermal protection provides innovative and cost-effective solutions to a wide range of problems facing the infrastructure, industrial (including oil and gas) and commercial markets. With the recent acquisitions of Chicago-based MixOnSite and Bellingham-based Pacific International Grout, CEMATRIX is now the largest cellular concrete company in North America. For more information please visit our website at www.cematrix.com.

Cautionary statement regarding forward-looking statements

This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. In general, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of these words, or statements to the effect that That certain actions, events or results “may”, “could”, “might”, “might”, “will” be taken, “occur” or “achieve”. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by the Company, including meeting regulatory requirements in various jurisdictions and the Company's expected use of the net proceeds from the offering. Forward-looking statements involve risks, uncertainties and other factors disclosed under “Risk Factors” and elsewhere in the Company's filings with Canadian securities regulators, which could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied herein. data. Forward-looking statements.

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Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based on the information currently available to management as of the date hereof, actual results and developments may differ materially from those anticipated in such statements. Readers are therefore cautioned not to place undue reliance on these statements, which apply only as of the date of this press release, and no assurance can be given that such events will occur in the advertised time frames or at all. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:
Jeff Kendrick – President and CEO
Phone: (403) 219-0484

Glenn Axelrod – Chairman of Bristol Capital
Phone: (905) 326 1888 ext 1
glen@bristolaire.com

Jeff Walker, Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
jeff@howardgroupinc.com

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