Riggs Distler Inc. to offer all Energy sector services
DRUMMONDVILLE, QC, March 6, 2012 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or "the Corporation") (TSX: CVT) today announced the establishment of a new wholly-owned subsidiary in Ontario. The mandate of this subsidiary, named Riggs Distler Inc., will be to exploit the business opportunities of the Ontario market by offering the vast range of services of CVTech's Energy sector.
Riggs Distler Inc. will operate a facility of approximately 8,000 square feet located on a 3-acre parcel of land in Stouffville, a suburb north of Toronto. This facility will bring under the same roof administrative and technical personnel, as well as rolling stock and equipment. CVTech anticipates that the facility will support about 10 office employees and the workforce could also grow to approximately 70 field workers over the coming months.
"The Ontario market offers interesting business opportunities for the Energy sector following the adoption by the province of a long-term energy plan calling for investments of $87 billion over a twenty-year period," declared André Laramée, President and Chief Executive Officer of CVTech. "Based on our solid reputation with major utility companies, our proven expertise, particularly in renewable energy sources, and our access to skilled labour, we believe that we can reach a critical mass in the near future."
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 maintenance of transmission and distribution lines, primarily in Quebec 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.
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Source: CVTech Group inc.
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CMA
Chief Financial Officer
Martin Goulet, CFA