DRUMMONDVILLE, QC, Dec. 17, 2012 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or "the Corporation") (TSX: CVT) today announced that its
subsidiaries have been awarded three contracts by Hydro-Québec with a
total value of approximately $29.0 million.
First, Thirau ltée has obtained, under an extension option, the renewal
of a major contract for the construction, maintenance and modification,
on demand, of overhead distribution networks in Hydro-Québec's Montreal
and Richelieu territories. The one-year extension is for calendar 2013.
Its value is estimated at $15.0 million and approximately 100 employees
will carry out the work.
Second, Thirau ltée will proceed with the construction of a 230-kV,
double-circuit line to connect the new De Charlesbourg substation to
the Ile Maligne/Québec line. The contract is valued at approximately
$10.0 million. Work will begin in January 2013 and should be completed
in September 2013. It is expected that up to 80 employees will carry
out the work.
Finally, J.J.L. Déboisement inc. has been awarded a two-year contract
with a total value of approximately $4.0 million for the control of
vegetation on rights-of-way of distribution lines in Hydro-Québec's
Lanaudière territory. The contract spans calendar 2013 and 2014 and
also provides two options for two-year renewals exercisable at the
customer's discretion. Approximately 20 people will be employed in the
"These contracts convincingly reflect upon the solid and longstanding
business relationship we have with Hydro-Québec," said André Laramée,
President and Chief Executive Officer of CVTech. "The contracts also
highlight the wide reach of our service offering as well as our
subsidiaries' leading position in their respective business niches."
OVERVIEW OF THE CORPORATION
CVTech is a company operating in the energy sector. 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.
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:
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CPA, CMA
Chief Financial Officer
Martin Goulet, CFA