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News Release |
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Aecon awarded $39 million in two contracts to widen Highway 401 near London
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Toronto, Ontario – June 27th, 2006: Aecon Group Inc. (TSX: ARE) announced today that its Construction and Materials division has been awarded two contracts totaling $39.4 million by the Ontario Ministry of Transportation to widen Highway 401 in the London area, and to install and upgrade electrical utilities. The projects which run 18.8 km from 1 km west of Highway 402, to approximately 10 km east of Highbury Avenue, will see the widening of Highway 401 to three lanes from Wellington Road to Highway 402, and the resurfacing of Highway 401from Highway 402 to Dorchester Road. Additionally, Aecon will be responsible for the construction of a new Wellington Road overpass and demolition of the existing overpass, as well as the repair of the Dingman Drive overpass. Work on the project will include grading, drainage improvements, sewer installation, granular work, paving, and the installation and upgrade of electrical utilities. Construction on the project begins this month, with completion scheduled for the summer of 2008. “This contract continues Aecon's extensive and successful relationship with the Ontario Ministry of Transportation,” said Teri McKibbon, President, Aecon Civil and Utilities Group. “We are especially pleased on this project to pair our road construction experience with our electrical infrastructure expertise.” Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally. The information in this news release includes certain forward-looking statements. Forward-looking statements are based on estimates and assumptions derived from past experience and interpretation of historical trends, current conditions and expected future developments. Many factors could cause Aecon's actual results, performance or achievements to vary from those expressed or inferred by these statements, including without limitation, the future of the Eastmain Joint Venture to recover the value of unpriced change orders, failure to achieve the targets associated with the Quito Airport, the achievement of lower than anticipated volumes of work in Western Canada and the failure of Innovative Steam Technologies to secure anticipated contract award levels. Risk factors are discussed in greater detail in the Section entitled “Risk Factors and Uncertainties” in Management's Discussion and Analysis of operating results and Financial condition for the year ended December 31, 2005 filed on SEDAR at www.sedar.com. Although Aecon believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. --30--
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