Shares should trade under symbol NPC effective September 11, 2014
DRUMMONDVILLE, QC, Sept. 9, 2014 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or the "Corporation") (TSX: CVT) announces that it has officially adopted, effective today, the name NAPEC Inc. ("NAPEC"). The change follows shareholder approval at the Corporation's annual and special meeting held on July 23, 2014.
The change of name of the Corporation is required following the sale, in October 2012, of its operations in the CVT systems and related products segment. Pursuant to this transaction, the Corporation had notably undertaken to proceed with the change of name within two years. Furthermore, the Corporation believes that the new name will be more representative of the sector in which it currently operates and the image it wishes to project in its target markets.
The name NAPEC is drawn from the Corporation's field of business and geographic reach: a North American Power and Energy Corporation. The new logo, more modern in style with rectilinear, regularly spaced lettering, reflects mechanical precision and discipline, two conditions essential for excellence in NAPEC's industry.
- The stylized yellow lightning bolt symbolizes energy.
- The triangle replacing the letter A represents stability, the structure of a powerline pylon and a will to aim high and stand out.
- Bright yellow symbolizes what people have in mind when they imagine the colour of energy.
"The adoption of this new name reflects a vision of synergy, teamwork and renewal. The new brand image will also reinforce the efforts being made to gradually implement our new business model across our North American network", said Pierre L. Gauthier, President and Chief Executive Officer of NAPEC.
NAPEC shares should trade on the Toronto Stock Exchange under the symbol NPC effective September 11, 2014.
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 assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events.
OVERVIEW OF THE CORPORATION
NAPEC is a corporation operating in the energy sector. The Corporation is a leading provider of construction and maintenance services to the public utility and heavy industrial markets mainly in Quebec, Ontario and the eastern United States. Through its subsidiaries, the Corporation provides maintenance and construction services for electricity transmission and distribution networks, substations and electrical powerhouses, as well as control of vegetation on rights-of-way for electrical lines.
SOURCE: NAPEC Inc..
For further information:
Pierre L. Gauthier
President and Chief Executive Officer
Mario Trahan, CPA, CMA
Chief Financial Officer
Martin Goulet, CFA