DRUMMONDVILLE, QC, Oct. 22, 2013 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or "the Corporation") (TSX: CVT) today announced that its
subsidiaries have been awarded new contracts with an aggregate value of
approximately $45.8 million.
First, the subsidiary Thirau ltée has obtained two contracts from
Hydro-Québec with a total value of approximately $21.1 million.
An important contract valued at about $20.6 million for the construction
of a new 230 kV, double-circuit electricity transmission line spanning
33 kilometers between the Saint-Césaire and Bedford substations in the
Montérégie region. This line will enhance the reliability of the
regional electrical network and exchanges between Québec and Vermont.
Construction work will begin before the end of October and should
spread out until May 2014. In addition, certain line rearrangement work
at the aforementioned substations will be carried out until October
A contract valued at nearly $500,000 to proceed with pole planting work
in the North Shore region. Work will begin before the end of October
and will be carried out over a period of about five months.
Second, the U.S. subsidiary Riggs Distler & Company, Inc. ("RDC") won
two contracts worth an aggregate value of US$17.0 million (Cdn $17.5
A multi-year contract worth a total value of US$12.0 million for the
operation and maintenance of a 40 MW solar panel array located in New
Jersey. Execution of the contract is scheduled to begin before the end
of 2013 and will be spread out over a three-year period concluding near
the end of 2016.
A US$5.0 million contract from an important utility service provider in
New Jersey to rebuild a 138 kV electricity transmission line. The
project should begin in the fourth quarter of 2013 and should be
completed during the first quarter of 2014.
Finally, the Ontario-based subsidiary Riggs Distler Inc. ("RDI") was
awarded a $7.2 million contract for the maintenance and upgrade of the
electricity distribution network of an important utility service
provider in Toronto. Execution of the contract will begin in the fourth
quarter of 2013 and will be carried out over a one-year period.
"These contract awards once again highlight the leadership of our
subsidiaries in their respective markets," said André Laramée,
President and Chief Executive Officer of CVTech. "On the one hand,
Thirau enjoys a solid longstanding business relationship with
Hydro-Québec, while RDC confirmed its leading position as a trusted
service provider to the solar energy industry. Moreover, RDI continues
to further enhance its presence and reputation in the important Ontario
OVERVIEW OF THE CORPORATION
CVTech is a company operating in the energy sector. The Corporation is a
leading provider of construction and maintenance services to the public
utility and heavy industrial markets mainly in Quebec, Ontario and the
eastern United States. Through its subsidiaries, the Corporation
provides maintenance and construction services for electricity
transmission and distribution networks, substations and electrical
power houses, as well as the control of vegetation on rights-of-way for
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 assumes 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:
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CPA, CMA
Chief Financial Officer
Martin Goulet, CFA