DRUMMONDVILLE, QC, March 11 /CNW Telbec/ - CVTech Group Inc. ("CVTech")
(Toronto Stock Exchange TSX: CVT), which has its head office in Drummondville,
announces that its indirectly owned subsidiary, Thiro USA Inc. ("Thiro USA")
has been granted a contract extension estimated at more than $30 million by
National Grid USA Companies ("National Grid USA") for the construction,
maintenance and repair of electrical distribution lines in various locations
throughout the states of Massachusetts, New Hampshire, New York, Rhode Island
In accordance with the agreement signed in July 2005, National Grid USA
is extending the initial three (3) year term for a period of one (1) year
ending June 30, 2009. Based on last year's results, the contract extension
should represent for Thiro USA revenues of more than $30 million.
According to Mr. Guy Aubert, Vice-President, Electrical Lines and
Clearance & Pruning Division of CVTech, about 200 employees will be assigned
to the accomplishment of the works.
CVTech is a management corporation. Some of its subsidiaries design,
manufacture and sell continuously variable transmissions ("CVT"). Another
subsidiary, Thiro Ltd. ("Thiro"), provides services for the construction and
maintenance of electrical transmission and distribution lines. It has two
indirect subsidiaries: Thiro USA Inc. ("Thiro USA") and J.J.L. Déboisement
inc. ("J.J.L.") Thiro USA, like Thiro, provides services for the construction
and maintenance of electrical transmission and distribution lines. J.J.L.
specializes in vegetation control on rights-of-way for transmission and
distribution lines. The subsidiary CVTech-AAB inc. ("AAB") specializes in the
rebuilding of crankshafts and reconditioning of cylinders, and in the
distribution of engine parts.
CVTech is the owner of the trademarks and CVTech R&D inc. holds the
intellectual property on products which are part of its technological
CVTech currently has a staff of approximately 615 employees comprising
170 employees in the CVT systems and related products segments and
445 employees in the electricity segment.
The present document may contain forward-looking statements that reflect
the current expectations of management with regard to future events. These
forward-looking statements depend on a certain number of factors and are
subject to risks and uncertainties. The actual results could differ from those
anticipated. Management undertakes no obligation to update or revise the said
forward-looking statements on receipt of new information or subsequent to
future events other than the ones required by law.
For further information with regard to CVTech, the reader is invited to
consult the SEDAR database and the Corporation's Website at:
For further information:
For further information: André Laramée, MBA, President and CEO, CVTech
Group Inc., (819) 477-3232; Mario Trahan, CMA, Chief Financial Officer, CVTech
Group Inc., (819) 477-3232