FORT ST. JOHN, British Columbia, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Macro Enterprises Inc . (TSXV:MCR) (the “Company” or “Macro”) is pleased to announce that it has commenced construction of the Aitken Creek Section – Spread 2 of the North Montney Mainline Project.
The North Montney Mainline comprises 301 kilometres (187 miles) of 42-inch diameter pipeline, which will also include metering facilities, valve sites and compression facilities and will provide added capacity needed to ship natural gas southward. The pipeline will be owned and operated by NOVA Gas Transmission Ltd., a subsidiary of TransCanada Pipelines Limited.
The Aitken Creek Section – Spread 2 is approximately 67 km of NPS 42-inch pipeline and related facilities. Contract value is approximately CAD$200.0 million. The construction contract is a unit rate type contract with upfront milestone payments to fund initial working capital requirements. Substantial completion is planned for Q1 2019.
Macro is working with Spiecapag Canada Corp. on this project. Spiecapag is a subsidiary of Vinci S.A., a French based company with worldwide operations. As part of its contribution to this project, it will provide certain personnel and equipment; however, its financial interest will be nominal.
Frank Miles, President and Chief Executive Officer of the Company, stated: “We are very pleased to be working again for TransCanada Pipelines Inc. and their subsidiary Nova Gas Transmission Ltd. This award substantiates our growth plans. This also positions the Company for future opportunities in this market”.
The Company
Macro’s core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry within Canada. The Company’s corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company’s principal operations can be found at www.macroindustries.ca .
For further information please contact:
Frank Miles Jeff Redmond, CPA, CA President & C.E.O. C.F.O. & Corp. Secretary Phone: (250) 785-0033 Phone: (250) 785-0033
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts, including the expected construction completion date. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, construction delays within or without the control of the Company. Readers are referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, 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 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.
