DRUMMONDVILLE, QC, May 14 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or "the Corporation") (TSX: CVT) today announced the retirement of Mr. Guy Aubert as Vice-President, Energy segment of CVTech, effective May 31, 2010. Mr. Aubert will remain a member of CVTech's Board of Directors.
Effective the same date, Mr. Alain Gagné is appointed to succeed him as Vice-President, Energy segment. Of note, Mr. Aubert will remain the time required to ensure an appropriate transition period.
Guy Aubert began his career at Thirau ltée ("Thirau"), then known as Thiro ltée ("Thiro"), in 1973, joining the accounting department. In 1984, he acquired Thiro in association with partners. In 1987, he became Thiro's sole shareholder and its President and General Manager. He held this position until CVTech's purchase of Thiro in December 2005, when he was appointed Vice-President, Energy segment of CVTech.
Alain Gagné joined Thiro as a project technician in 1982. He rose successively to responsibilities as project manager and director of the distribution lines department before becoming Director of Operations in 1989. On Thiro's acquisition by CVTech he was appointed Vice-President, Operations of the Energy segment.
"Guy Aubert's contribution to Thirau's progress has been considerable," said André Laramée, President and Chief Executive Officer of CVTech. "Under his leadership, the company extended its know-how and geographical reach to the U.S. with a success that continues to this day. We wish him the best and are happy that we will continue to benefit from the experience he brings to our Board of Directors of the Corporation. Alain Gagné's appointment caps almost three decades of dedicated work with Thirau. In addition to the high respect that Alain has earned from customers and employees, his experience and market knowledge give him all the qualities needed to further enhance the value of our business in the Energy segment."
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 specializes in rebuilding crankshafts and cylinders and in distributing engine parts. CVTech currently has approximately 1,445 employees, consisting of 1,300 in the Energy segment and 145 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.