DRUMMONDVILLE, QC, June 3, 2013 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or "the Corporation") (TSX: CVT) today announced that its
subsidiaries have been awarded several new contracts representing a
total value of approximately $77.4 million. All amounts are in Canadian
dollars unless otherwise indicated.
First, Ontario-based subsidiary Riggs Distler Inc. ("RDI") has obtained
five contracts totalling $24.5 million.
A $9.6 million contract for the construction of a large-scale
underground substation in downtown Toronto. Work is expected to be
carried out between July 2013 and December 2014. In addition to RDI,
recently-acquired subsidiary B.G. High Voltage Systems Limited will
also be involved on this project.
A $3.4 million contract for electrical and civil work on Toronto's
electricity distribution network. Work will be spread out until
A two-year contract valued up to $4.0 million to carry out work on a
municipal utility company's aerial electricity distribution network.
The contract covers the period from June 2013 to May 2015.
A contract valued at $3.6 million to install an underground collector
system and substation at a new wind farm located near Shelburne. Work
is expected to begin in July 2013 and be completed in December 2013.
A $3.9 million contract to perform electrical and civil work for the
relocation of a Toronto Transit Commission track in downtown Toronto.
Work is expected to begin in June 2013 and be completed in December
Second, U.S. subsidiary Riggs Distler & Company, Inc. ("RDC") has been
awarded several contracts valued at US$45.4 million (Cdn $47.1
An important contract valued at US$14.0 million for the installation of
piping and equipment at a new power generating facility in New Jersey.
Work is expected to begin in June 2013 and extend over a period of six
Another contract worth US$3.4 million for a turn-around project to
complete mechanical maintenance work at a major refinery in New Jersey.
Work is expected to be carried out between July and November 2013.
A long-term contract totalling up to US$16.0 million awarded by a major
Mid-Atlantic utility company to provide construction and maintenance
services on its overhead electricity distribution network in
Washington, DC and Southern Maryland. The contract covers the period
from June 2013 to July 2015.
Two contracts from a major solar energy system integrator for the
installation of two ground mounted solar systems totalling 25.9 MW in
New Jersey. The contracts have an aggregate value of US$12.0 million
and work is expected to be completed by the end of 2013.
Finally, Thirau ltée was awarded a contract valued at approximately $5.8
million by Hydro-Québec for the construction of 315-kV and 120-kV
electricity transmission lines to connect the new Lachenaie, Pierre-Le
Gardeur and Saint-Bruno-de-Montarville substations, in the Greater
Montreal area, to the network. Execution of the contract is expected to
begin in June 2013 and be completed by the end of September 2013.
"CVTech is proud to have been awarded these contracts which highlight
our extensive service offering. We are particularly pleased with the
contracts obtained by RDI in Ontario where our market presence and
reputation continue to gather further momentum. Meanwhile, the refinery
mandate in New Jersey confirms the recovery in this sector and
underline RDC's expertise in the heavy-industrial market. RDC also
continues to show its leadership in the installation of solar systems,
as evidenced by the two contracts awarded," said André Laramée,
President and Chief Executive Officer of CVTech.
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