Smith-Midland Receives Additional $4.15M Order for Hampton Roads Contract

Rhea-AI Summary

Smith-Midland Corporation (NASDAQ:SMID) has secured a $4.15M contract expansion for the I-64 Hampton Roads Bridge-Tunnel project, increasing its total contract value to $6.4M. This project, a significant five-year endeavor worth $3.8B, involves widening the I-64 corridor and constructing new tunnels under the James River. CEO Ashley Smith emphasized the importance of safety and the company's strong reputation in supplying MASH highway barriers. This expansion highlights Smith-Midland's key role in enhancing Virginia's infrastructure.

Positive

• Awarded a $4.15M contract expansion, increasing total contract value to $6.4M.
• Largest contract in the company's safety barrier and rental division history.
• Participation in a significant $3.8B infrastructure project in Virginia.

Negative

• None.

MIDLAND, VA / ACCESSWIRE / October 28, 2021 / Smith-Midland Corporation (NASDAQ:SMID) - was awarded a $4.15M contract expansion to provide rental barriers for the I-64 Hampton Roads Bridge-Tunnel (HRBT) expansion project with Hampton Roads Connector Partners (HRCP). The original contract, announced in March 2021, written for $2.25M, has grown by $4.15M to a total of $6.4M, due to the scope of the project. This is the largest contract in the Company's safety barrier and rental division history.

The five-year long, $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, making this is the largest civil construction contract ever awarded by the Virginia Department of Transportation (VDOT).

Hampton Roads Connector Partners is a joint venture of Dragados USA, Vinci Construction, and Flatiron Constructors.

"We are proud to be a part of this historic project. We take safety seriously and are honored to provide high quality MASH highway barriers to protect workers as they enhance Virginia's infrastructure," said Ashley Smith, chief executive officer of Smith-Midland. "Smith-Midland has a strong reputation for excellence and is proud to be a service provider of choice to leading contractors across our region."

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 20 percent of SMID stock, aligning with shareholder values.

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/670018/Smith-MidlandReceives-Additional415M-Order-for-Hampton-Roads-Contract

FAQ

What is the value of the new contract awarded to Smith-Midland (SMID)?

Smith-Midland was awarded a $4.15M contract expansion for the I-64 Hampton Roads Bridge-Tunnel project.

What is the total contract value after the expansion for the I-64 project?

The total contract value for the I-64 project has increased to $6.4M.

How significant is the I-64 Hampton Roads Bridge-Tunnel project?

The I-64 project is a $3.8B endeavor and the largest civil construction contract ever awarded by the Virginia Department of Transportation.

Who is involved in the Hampton Roads Connector Partners joint venture?

The joint venture includes Dragados USA, Vinci Construction, and Flatiron Constructors.