MIDLAND, Va. – Smith-Midland Corporation (OTC BB, Boston Stock Exchange: SMID, SMID) announced today that it has been awarded a $2,348,000 SlenderWall contract by JPI Apartment Development for the Jefferson at Logan Circle. The project is a 10-story luxury rental apartment building now under construction in Washington, DC at 1301 M Street, NW. The SlenderWall system panels are scheduled to be produced starting June 2004 and installation of the panels is expected to begin in January 2005.
According to the owner/contractor, JPI Apartment Development, SlenderWall saves them 3-months of construction time on the entire project because of the quick installation process. SlenderWall panels are in place much faster than hand-laid brick. By enclosing the building faster, they can start installing windows and finishing the interior sooner. The owner will also save money because the building will not need to be heated while setting the SlenderWallpanels as it would need to be for hand-laid brick.
Smith-Midland develops, manufactures, licenses, and sells a broad array of precast concrete products for use primarily in the construction, transportation and utilities Industries. Smith-Midland has two manufacturing facilities located in Midland, Virginia, and Reidsville, North Carolina. Easi-Set Industries, a wholly-owned subsidiary of Smith-Midland Corporation, licenses Smith-Midland developed products throughout North America and in Europe and South America. Easi-Set Industries currently has 30 precast concrete product licensees worldwide.
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-KSB and other filings with the Securities and Exchange Commission.
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