DRUMMONDVILLE, QC, Jan. 31, 2013 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or "the Corporation") (TSX: CVT) today announced that it has
signed a letter of intent to acquire all the issued and outstanding
common shares of B.G. High Voltage Systems Limited ("B.G. High
Voltage"), a provider of electrical services located in Scarborough,
Ontario. The letter of intent is subject to customary closing
conditions. If all these conditions are met, the transaction could
close in April 2013.
Founded in 1987, B.G. High Voltage specializes in the planning,
installation and maintenance of substations, transformers, as well as
overhead and underground electricity distribution systems. The proposed
purchased price amounts to $2.7 million, subject to post closure
adjustments, and would be financed through the Corporation's available
liquidities. For the 12-month period ending March 31, 2013, B.G. High
Voltage is expected to generate revenues of approximately $8.5 million.
"B.G. High Voltage enjoys a solid reputation with regards to customer
service as well as the quality of work carried out by its skilled and
professional employees. This transaction is consistent with our
strategic objectives and, if completed, it would allow CVTech to
further enhance its service offering in Ontario," said André Laramée,
President and Chief Executive Officer of CVTech.
OVERVIEW OF THE CORPORATION
CVTech is a company operating in the energy sector. 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.
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:
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CPA, CMA
Chief Financial Officer
Martin Goulet, CFA