DRUMMONDVILLE, QC, Oct. 16 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or the "Corporation") (TSX: CVT) today announced that its subsidiary Thirau ltée ("Thirau") was awarded a $5.2-million contract by Hydro-Québec for work on the vast Romaine hydroelectric complex on Quebec's North Shore.
Under this agreement, Thirau will build a 34.5-kV overhead network to supply power to the Des Murailles camp and adjoining worksite. Work will begin in the week of October 26, 2009 and continue for about five months. Approximately 40 employees are expected to be assigned to the project.
The Romaine hydroelectric complex involves the construction of four generating stations with an average annual output of 8 TWh. Construction will take place from 2009 to 2020, with the first generating station (Romaine-2) scheduled for commissioning in late 2014. Hydro-Québec estimates that spending directly related to construction, in contracts and purchases of goods and services, will amount to $3.5 billion in Quebec. This project presently constitutes the largest construction undertaking in Canada.
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 and 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. CVTech currently has approximately 1,400 employees, distributed as follows: 1,240 in the electricity segment and 160 in the CVT systems and related products segment.
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 NAPEC Inc.
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