Smith-Midland Awarded $2.25M Rental Barrier Contract

Rhea-AI Summary

Smith-Midland Corporation (NASDAQ:SMID) announced its largest contract ever, worth over $2.25M, with Hampton Roads Connector Partners for the I-64 Hampton Roads Bridge-Tunnel expansion. This five-year project is part of a $3.8B initiative to enhance the HRBT corridor, marking a significant win for its safety barrier division, Concrete Safety Systems (CSS). The contract includes MASH compliant J-J Hooks precast concrete barriers, alongside associated services. This contract not only strengthens CSS's market position but also reflects its commitment to safety in construction.

Positive

• Largest contract in company history at over $2.25M.
• Strengthens market position in barrier rental across the mid-Atlantic.
• Demonstrates commitment to safety with MASH-compliant barriers.

Negative

• None.

Largest Contract in the History of Concrete Safety Systems

MIDLAND, VA / ACCESSWIRE / March 11, 2021 / Smith-Midland Corporation (NASDAQ:SMID) - announces that our safety barrier and rental division, Concrete Safety Systems (CSS), signed the largest contract in its history. The I-64 Hampton Roads Bridge-Tunnel expansion project contract with Hampton Roads Connector Partners (HRCP) exceeds $2.25M. This project is just one more step in Smith-Midland's strategic growth initiative to dominate the barrier rental market across the mid-Atlantic.

Hampton Roads Connector Partners is a joint venture of Dragados USA, Vinci Construction, and Flatiron Constructors. This marks the first contract signing on this project between CSS and HRCP.

The barrier and services supplied by CSS will protect highway construction workers as well as vehicle passengers during the five-year long I-64 Hampton Roads Bridge-Tunnel expansion project. The $3.8B project will widen the current segments of the 1-64 HRBT corridor in Norfolk and Hampton to eight lanes and bore new twin tunnels under the James River. This is the largest civil construction contract ever awarded by the Virginia Department of Transportation (VDOT).

This initial order for MASH compliant J-J Hooks precast concrete highway safety barrier will include delivery, relocation, and pickup services of all barrier rented, plus a full array of attenuators, flashers, and reflectors. Installation will begin later this month.

Matthew Smith, President of CSS stated "We have a very long history of providing barrier and services to all of the leading contractors across our region. They know that regardless of the size or complexity of the project, we get it done right. Our just-one-call service model gives them one less thing to worry about; and makes it easier to keep everyone safe."

About Smith-Midland Corporation

Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation, and utilities industries. Management and the board own approximately 17.5 percent of SMID stock, aligning with shareholder values.

About J-J Hooks Highway Safety Barrier

Concrete Safety Systems utilizes J-J Hooks safety barrier, a proprietary product developed by The Smith-Midland Corporation in 1990. J-J Hooks currently offers a full suite of MASH-tested precast concrete temporary barrier. It is the temporary-barrier-of-choice among construction contractors due to its speed of installation/removal, no loose connection hardware, identical ends (can be turned end-to-end), cast-in self-aligning connection guide, and economical cost. Over 16,000,000 LF of J-J Hooks has been deployed on highways across North America. For more information visit www.JJHooks.com

About Concrete Safety Systems

Concrete Safety Systems is a leading barrier rental and logistics provider, with storage yards strategically located across their regional market area. CSS also provides security and crowd control barrier solution logistics across North America, having served as a partner in multiple high-level US and International Government and Commercial events.

This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Media, Licensing and Sales Inquiries:
info@easiset.com
(540) 439-8911

Investor Relations:
Steven Hooser or Deidra Roy
Three Part Advisors, LLC
(214) 872-2710

SOURCE: Smith-Midland Corporation

View source version on accesswire.com:
https://www.accesswire.com/634981/Smith-Midland-Awarded-225M-Rental-Barrier-Contract

FAQ

What is the significance of the $2.25M contract for SMID?

The $2.25M contract is the largest in the history of Smith-Midland Corporation, significantly boosting its revenue and market presence.

How does the I-64 Hampton Roads Bridge-Tunnel expansion affect SMID?

The expansion project, valued at $3.8B, enhances SMID's business opportunities through the supply of safety barriers over a five-year period.

What products are included in the contract signed by SMID?

The contract includes MASH compliant J-J Hooks precast concrete barriers, with additional services for installation, relocation, and pickup.

Who is involved in the Hampton Roads Connector Partners project with SMID?

The project is a joint venture involving Dragados USA, Vinci Construction, and Flatiron Constructors.

What is the role of Concrete Safety Systems in the SMID contract?

Concrete Safety Systems will provide safety barriers and services to protect construction workers and vehicle passengers during the expansion project.