DRUMMONDVILLE, QC, Feb. 16 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or the "Corporation") (TSX: CVT) today announced that its U.S. subsidiaries Thirau LLC ("Thirau") and Riggs Distler & Company, Inc. ("Riggs Distler") have been awarded three contracts to provide equipment and maintenance services to leading utility service providers in the eastern United States. The combined value of the contracts is US$11.0 million.
First, Thirau has been awarded a US$5.0-million contract by Orange and Rockland Utilities, Inc., a wholly-owned subsidiary of Consolidated Edison, Inc. (NYSE: ED), to provide overhead electric line construction in Orange and Rockland's network located in the northwestern suburbs of New York City. Work on the project has already begun and should be completed in August 2012.
Second, Riggs Distler has received two contracts totalling US$6.0 million from a large-scale independent power producer in the Mid-Atlantic region of the United States to provide equipment and services to one of its generating plant in Maryland. Work is scheduled for March and April 2010.
"CVTech is proud to have been selected to carry out value-added services for these large-scale utility service providers, with whom our subsidiaries have enjoyed longstanding relationships. We look forward to further broadening the scope of our activities in the power generation industry," said André Laramée, President and Chief Executive Officer of CVTech.
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 1,120 employees, distributed as follows: 960 in the Energy 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.
For further information: For further information: André Laramée, MBA, President and Chief Executive Officer, (819) 479-7771, email@example.com; Mario Trahan, CMA, Chief Financial Officer, (819) 479-7771, firstname.lastname@example.org; MaisonBrison: Martin Goulet, CFA, (514) 731-0000, email@example.com; Source: CVTech Group Inc.