DRUMMONDVILLE, QC, July 10, 2012 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or "the Corporation") (TSX: CVT) today announced that its
subsidiary Thirau ltée (Thirau), has been awarded two new contracts by
Hydro-Québec with a total value of $14.1 million. These contracts are
mainly related to the construction of electricity transmission and
distribution lines in the province of Quebec. Work associated with both
contracts should start over the next few days.
The first contract, valued at more than $6.3 million, is part of the
vast Romaine hydroelectric complex on Quebec's North Shore. This
contract is the third awarded to Thirau in connection with this
large-scale project. Under the terms of the agreement, Thirau will
build a 34.5-kV, 33-kilometer overhead distribution network to supply
electricity to the Romaine III camp. Work should extend until the end
of October 2012. Approximately 40 employees should be assigned to the
The second contract, valued at $7.8 million, is with regards to the
construction of a 230-kV, double-circuit steel line for the addition of
a second power supply to the Francheville substation and the
dismantling of two circuits. Work should extend for a period of
approximately 12 months and it is anticipated that about 60 employees
will carry out the work.
"Since the start of 2012, Thirau has won contracts valued at over $72
million. This clearly highlights CVTech's leading position and
expertise in the Energy sector. Quebec is investing like never before
in its electrical infrastructures and we are favourably positioned to
capitalize on all business opportunities that may arise in this
sector," declared André Laramée, President and Chief Executive Officer
OVERVIEW OF THE CORPORATION
CVTech is a management company operating in two sectors. Through Thirau
ltée and its subsidiaries Riggs Distler Inc. and Thirau LLC, the
Corporation provides services to the electric power industry for the
maintenance of transmission and distribution lines, primarily in
Quebec, Ontario and the eastern United States. Another Thirau ltée
subsidiary, J.J.L. Déboisement inc., specializes in control of
vegetation surrounding power lines and in clearing rights of way.
Thirau LLC's wholly owned subsidiary Riggs Distler & Company, Inc. is a
leading provider of maintenance and construction services to the
utility and heavy industrial markets. In the CVT Systems and Related
Products Segment, the Corporation, through CVTech-IBC Inc., designs,
manufactures and sells continuously variable power transmission
systems, or CVT systems. CVTech-AAB Inc. specializes in rebuilding
crankshafts and cylinders and in distributing engine parts.
This document may contain forward-looking statements that reflect
management's current expectations 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.
Further information regarding CVTech is available in the SEDAR database
(www.sedar.com) and on the Corporation's website at www.cvtech.ca.
SOURCE CVTECH GROUP INC.
For further information:
Source: CVTech Group Inc.
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CMA
Chief Financial Officer
Martin Goulet, CFA