DRUMMONDVILLE, QC, Jan. 31, 2012 /CNW Telbec/ - CVTech Group Inc. ("CVTech" or the "Corporation") (TSX: CVT) today announced that its subsidiary 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 2012. Its value is estimated at $13.0 million and approximately 100 employees will carry out the work.
"The renewal of this contract illustrates our solid business relationship with Hydro-Québec as well as its high degree of satisfaction with our services," said André Laramée, CVTech President and Chief Executive Officer.
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.