EX-99.1 2 h68919exv99w1.htm EX-99.1 exv99w1
         
Exhibit 99.1
(STERLING CONSTRUCTION COMPANY LOGO)
FOR IMMEDIATE RELEASE
STERLING CONSTRUCTION COMPANY, INC.
ANNOUNCES PROPOSED OFFERING OF 2.4 MILLION SHARES
HOUSTON, TX — December 3, 2009 — Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) announced today that it intends to offer, subject to market and other conditions, 2,400,000 shares of its common stock in an underwritten public offering. In connection with this offering, the Company expects to grant the underwriters a 30-day option to purchase up to 360,000 additional shares of common stock to cover any over-allotments. D.A. Davidson & Co. and BB&T Capital Markets, Inc. will serve as co-managers of the proposed offering.
The Company proposes to use the net proceeds of the offering to repay indebtedness outstanding, if any, under its revolving credit facility and to strengthen its balance sheet, including working capital and tangible net worth, in order to fund its business, provide liquidity for future growth and increase its bonding capacity.
The securities described above are being offered by the Company pursuant to a shelf registration statement which was filed with the Securities and Exchange Commission on July 16, 2008 and became effective on August 4, 2008. A preliminary prospectus supplement and the prospectus describing the terms of the offering have been filed with the Securities and Exchange Commission and form part of the registration statement.
Copies of the preliminary prospectus supplement and base prospectus relating to this offering can be obtained at the SEC’s website at http://www.sec.gov or from D.A. Davidson & Co. at 8 Third Street North, Great Falls, MT 59401 or by calling (800) 332-5915 or from BB&T Capital Markets, Inc. at 909 E. Main Street, 2nd Floor, Richmond, VA 23219 or by calling (804) 780-3267.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure in large and growing markets in Texas, Nevada and Utah. Its transportation infrastructure projects include highways, roads, bridges and light rail, and its water infrastructure projects include water, wastewater and storm drainage systems.

 


 

This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, our ability to successfully integrate acquired businesses and realize the anticipated benefits of those acquisitions, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions, whether as a result of new information, future events or otherwise.
         
Contact:        
Sterling Construction Company, Inc.
281-821-9091
Joseph Harper, Sr. or
James H. Allen, Jr.
www.sterlingconstructionco.com
 
or
 
Investor Relations Counsel
The Equity Group Inc.
Linda Latman, 212-836-9609
Lena Cati, 212-836-9611
www.theequitygroup.com