H2O Innovation Inc. is proud to announce that it has recently renewed the contract with its largest operation and maintenance (“O&M”) customer, the City of Gulfport, Mississippi. This renewal, valued at $13.9 M/year, includes a scope expansion for solid waste collection and fleet management as well as annual consumer price index (CPI) adjustments. The expanded four-year contract, valued at $55.5 M, brings the Corporation’s O&M backlog to $131.0 M. The City also has the option to extend the contract up to four additional renewal periods of two years each, potentially lengthening the total contract term to 12 years.
Also Read: Sherwin-Williams Completes Acquisition of European Industrial Coatings Business of Sika
“We are thrilled to continue our relationship with this very important client who has been working with us since 2011. The continued success of this project reflects the hard work and dedication of our employees who live our company values and strive every day to deliver award winning services to our customers,” said Frédéric Dugré, President and Chief Executive Officer of H2O Innovation.
“The City of Gulfport has seen exceptional results from H2O Innovation since 2011. We are excited to not only continue our partnership but also expand the scope of high-quality service to our citizens in the near future,” added Billy Hewes, Mayor of the City of Gulfport.
Prospective Disclosures
Certain statements set forth in this press release regarding the operations and the activities of H2O Innovation as well as other communications by the Corporation to the public that describe more generally management objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of securities legislation. Forward-looking statements concern analysis and other information based on forecast future results, performance and achievements and the estimate of amounts that cannot yet be determined.
Those forward-looking statements, based on the current expectations of management, involve a number of risks and uncertainties, known and unknown, which may result in actual and future results, performance, and achievements of the Corporation to be materially different than the said forward-looking statements. Such forward-looking statements include, but are not limited to, the execution and performance of the services described in the O&M contract, in a timely manner and without additional costs, considering the challenges resulting from the labor shortage and the Covid-19 pandemic and the renewal of the O&M contract over the initial term of four years.