Execution of Barrier Buy-Back Agreement more than Double's Fleet
MIDLAND, VA / ACCESSWIRE / May 4, 2022 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced it has finalized the terms of the barrier buy-back agreement from the largest barrier supply contract in the company's history. The company was able to negotiate an amendment to the agreement, acquiring an additional 115,000 linear feet of barrier, increasing the buy-back agreement to 325,000 linear feet. The total cost of the final agreement will cost approximately $5 million.
"In alignment with our long-term strategic initiatives, this investment in our high-margin barrier rental business advances our strong recurring revenue stream at a lower cost to us compared to building new barrier," said Ashley Smith, Chief Executive Officer of Smith-Midland. "This agreement is an important step in the execution of our strategic plan, and will expand our rental fleet inventory to 575,000 linear feet by the end of the year, providing us the scale to bid on larger projects in the future.
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation, and utilities industries. Management and the board own approximately five percent of SMID stock, aligning with shareholder values.
Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and Concrete Safety Systems, our J-J Hooks Safety Barrier rental division. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.
Media Inquiries: AJ Krick, CFO 540-439-3266 investors@smithmidland.com
Investor Relations: Steven Hooser Three Part Advisors, LLC 214-872-2710
View source version on accesswire.com: https://www.accesswire.com/700096/Smith-Midland-Announces-Strategic-Expansion-of-Barrier-Rental-Fleet
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