DRUMMONDVILLE, QC, June 15, 2011 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or the "Corporation") (TSX: CVT) today announced that its
Energy segment subsidiaries have been awarded two contracts with a
total value of approximately $14.0 million. Work related to both
contracts is scheduled to begin over the next few days.
First, National Grid awarded Thirau LLC a contract valued at nearly
US$8.0 million for the construction of a 69-kV, 32-kilometre
electricity transmission line in the state of Vermont. Work is expected
to be carried out over a period of more than ten months. Approximately
32 employees are expected to be assigned to the project.
Second, Thirau ltée was awarded by Hydro-Québec a contract valued at
more than $6.0 million for work on the vast Romaine hydroelectric
complex on Quebec's North Shore. This contract is the second obtained
by Thirau ltée in connection with this project. Under the terms of the
agreement, Thirau ltée will build a 34.5-kV, 36-kilometre overhead
distribution network to supply electricity to the Romaine III camp.
Work will be carried out over a four-and-a-half-month period.
Approximately 45 employees are expected to be assigned to the project.
"CVTech has developed a solid business relationship with National Grid
and we are pleased to undertake another important mandate for this
strategic partner. Meanwhile, the Romaine hydroelectric complex
presently constitutes the largest construction project in Canada and,
as evidenced by this second contract, CVTech is well positioned to
benefit from the numerous business opportunities related to its
realization," said André Laramée, President and Chief Executive Officer
OVERVIEW OF THE CORPORATION
CVTech is a management corporation that operates in two major sectors.
Through Thirau ltée, and its subsidiary, Thirau LLC, the Corporation
services the electrical utility industry with the construction and
maintenance of transmission and distribution lines primarily in Quebec
and the eastern United States. Thirau ltee's subsidiary, J.J.L.
Déboisement inc., specializes in vegetation control surrounding the
lines and clearing the lines' rights of way. Thirau LLC also possesses
a wholly-owned subsidiary, Riggs Distler & Company, Inc., an important
provider of maintenance and construction services to the utility and
heavy industrial markets. Through CVTech-IBC Inc., the Corporation
services the vehicle industry through the design, manufacture and sale
of continuously variable power transmission systems, or CVTs.
CVTech-AAB specializes in rebuilding crankshafts and cylinders, as well
as distributing engine parts.
This document may contain forward-looking statements that reflect
management's current beliefs regarding future events. Forward-looking
statements are based on a number of factors and include risks and
uncertainties. Actual results may differ from forecast results.
Management has no obligation beyond what is required under the law to
update or revise forward-looking statements pursuant to new information
or future events.
For further information regarding CVTech, the reader may consult the
SEDAR database as well as the Corporation's web site at: www.cvtech.ca.
SOURCE CVTECH GROUP INC.
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