The management of ADF Group Inc. announced the signing of a series of new orders in the U.S. totaling $234,0 million. Firstly, last May, ADF Group announced the award of a large-scale contract for the first phase of a major construction project in the pharmaceutical sector in the Midwest region. This contract was amended to include additional work that will be included in the original contract and will be completed within the first phase's original execution schedule.

In this regard, fabrication work will begin in December 2023. The Corporation's management also announces that it has reached an agreement with the same client for the second phase of the above-mentioned construction project. This major new contract is the largest in this series of new orders in terms of value.

The nature and scope of work in this second phase of the project is similar as the first phase and consists of the design and engineering of the connections, the fabrication work, including the supply of the steel and industrial coating, as well as the erecting of the steel structure and heavy steel components of a large-surface industrial-type building. Fabrication will begin in February 2024 and will extend over a period of approximately 15 months. This series of new orders also includes the award of a new contract in the Southeastern region of the United States, which consists of, among other things, fabrication, including industrial coating, and the delivery of the steel structure of a new industrial building for a global manufacturing company in the aluminum sector.

This project will extend over a 6-month period. In closing, ADF Group also announces the award of two new contracts in Canada, one in the public infrastructure sector and one in the industrial sector. Both of ADF's fabrication plants and paint shop in Terrebonne, Canada and in Great Falls, Montana, U.S.A. will be involved in all of these new contracts.

The Corporation's order backlog stood at $339.3 million as at October 31, 2023, excluding new orders announced.