All contracts awarded to subsidiary Riggs Distler & Company, Inc.
DRUMMONDVILLE, QC, April 20 /CNW Telbec/ - CVTech Group Inc. ("CVTech"
or the "Corporation") (TSX: CVT) today announced that its subsidiary
Riggs Distler & Company, Inc. ("Riggs Distler") has been awarded
several contracts with a total value of US$30.3 million.
First, the value of a contract currently included in the Corporation's
backlog has been increased by more than US$12.5 million. This contract,
awarded by a major Maryland electric and natural gas provider, is for
the maintenance of underground electrical distribution networks until
the end of 2016. The total contract value now reaches over US$60.0
million, up from US$47.5 million previously.
Second, a New Jersey electric provider awarded a new four-year contract
valued at over US$6.0 million for the installation of underground
electrical infrastructure using the directional drilling method.
Third, Riggs Distler has obtained several new contracts totalling US$6.8
million to provide services for electrical transmission networks and
substations for electric utility companies in New Jersey and
Pennsylvania. These projects will be completed in 2011 and are designed
to improve electric reliability and implement smart grid technologies.
Finally, a major electric generation company awarded two new mechanical
contracts valued at US$5.0 million involving the provision of
maintenance services for coal-fired boilers in Maryland and New York.
This work will be completed within eight months.
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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Source: CVTech Group Inc.