DRUMMONDVILLE, QC, March 31 /CNW Telbec/ - CVTech Group inc. ("CVTech" or the "Corporation") (TSX: CVT) today announced that its subsidiary Thirau ltée ("Thirau") was awarded by Hydro-Québec an important contract to install poles and anchors for electrical distribution lines. The two-year contract is valued at nearly $21.0 million, that is to say slightly more than $10.0 million per year. Work begins on April 1st, 2010 and will be spread out until March 31, 2012.
According to Guy Aubert, Vice-president, Energy segment of CVTech, approximately 60 employees will be assigned to the project which is geographically concentrated in Hydro-Québec's Richelieu territory. This territory includes namely the sectors of Châteauguay, Drummondville, Granby, Nicolet, Saint-Bruno, Saint-Hyacinthe, Saint-Jean-sur-Richelieu, Salaberry-de-Valleyfield, Sherbrooke, Sorel-Tracy, Vaudreuil-Dorion and Victoriaville.
"This important contract illustrates the strong and longstanding relationship between Thirau and Hydro-Québec," said André Laramée, President and Chief Executive Officer of CVTech. "We are proud to recognize that Thirau's impeccable reputation with regard to execution quality and security remains a determining factor in the selection of a strategic partner."
OVERVIEW OF THE CORPORATION
CVTech is a management company operating in two major sectors. Through Thirau ltée and its subsidiary Thirau LLC, the Corporation provides services to the electric power industry for the construction and maintenance of transmission and distribution lines primarily in Quebec and the eastern United States. Thirau ltée's 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 CVTs. CVTech-AAB inc. specializes in rebuilding crankshafts and cylinders and in distributing engine parts. CVTech currently has approximately 1,277 employees, consisting of 1,127 in the Energy segment and 150 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.
Further information regarding CVTech is available in the SEDAR database and on the Corporation's website at: www.cvtech.ca.
SOURCE NAPEC Inc.
For further information: For further information: André Laramée, MBA, President and Chief Executive Officer, (819) 479-7771, firstname.lastname@example.org; Mario Trahan, CMA, Chief Financial Officer, (819) 479-7771, email@example.com; MaisonBrison: Martin Goulet, CFA, (514) 731-0000, firstname.lastname@example.org; Source: CVTech Group inc.