has big projects in play for the company's expertise in building and construction. Nice, comprehensive shareholder update just issued:
Social Detention Inc. (SODE) Shareholder Update
ALAMO, CA, UNITED STATES, September 9, 2020 /EINPresswire.com/ -- It has been a busy time. We have been working hard on our current contracts with our subsidiary to complete them on time and within budget. The COVID 19 virus did have an impact on our operations. Our largest contract was suspended for a short period of time but is now moving full steam ahead for completion this year. We are aggressively bidding and pursuing Public Works projects on a daily basis as COVID has not slowed the bidding activity. Our team is motivated and hungry to take on larger projects and grow this company.
Our core market, public works construction, is robust with opportunity. According to the United States Censu Bureau Report Issued September 1, 2020, Construction spending during July 2020 was estimated at a seasonally adjusted annual rate of $1,364.6 billion, 0.1 percent (±1.2 percent)* above the revised June estimate of $1,362.8 billion. The July figure is 0.1 percent (±1.6 percent)* below the July 2019 estimate of $1,366.0 billion. During the first seven months of this year, construction spending amounted to $792.6 billion, 4.0 percent (±1.2 percent) above the $761.9 billion for the same period in 2019. We have the people and model in place to capitalize on this large market opportunity.
In addition to growing internally, we have been in deep negotiations with several companies in our space to acquire, partially acquire or joint venture. These companies can add significant value by eliminating a level of markup or providing us a new specialty to our arsenal. In addition, we have formed entities to add additional building classifications to our service offering and will update when these valuable tools are in place. Lastly, I hope you and your family are safe in these times. Never underestimate the appreciation we have for all our investors as we continue on this incredible journey of building a highly profitable and long lasting company.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the OTC Markets. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
ROBERT P. LEGG II
SOCIAL DETENTION INC.