DRUMMONDVILLE, QC, July 4, 2012 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or the "Corporation") (TSX: CVT) today announced that its
subsidiary Thirau LLC has been granted a one-year extension, to May 31,
2013, on a contract to provide electrical services to National Grid USA
("National Grid"). This extension represents the first of two (2)
one-year renewal options of a long-term agreement awarded in 2009.
Revenues over this one-year extension period are estimated at US$20
Under the terms of the agreement, Thirau LLC will provide construction,
maintenance and repair of electrical distribution lines in National
Grid's northeastern US territory. The agreement also calls for the
provision, if required, of storm response work in the same region. Such
emergency work would represent incremental revenues for the
"This contract extension highlights the high quality of services
provided by Thirau LLC to National Grid. We are very pleased to further
expand our solid business relationship with this leading utility
service provider," said André Laramée, President and Chief Executive
Officer of CVTech.
OVERVIEW OF THE CORPORATION
CVTech is a management company operating in two sectors. Through Thirau
ltée and its subsidiaries Riggs Distler Inc. and Thirau LLC, the
Corporation provides services to the electric power industry for the
maintenance of transmission and distribution lines, primarily in
Quebec, Ontario and the eastern United States. Another Thirau ltée
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 CVT systems. CVTech-AAB Inc. specializes in rebuilding
crankshafts and cylinders and in distributing engine parts.
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 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
(www.sedar.com) and on the Corporation's website at www.cvtech.ca.
SOURCE CVTECH GROUP INC.
For further information:
Source: CVTech Group Inc.
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CMA
Chief Financial Officer
Martin Goulet, CFA