THE CORPORATION ALSO PROCEEDS WITH THE LAUNCH OF ITS NEW WEB SITE WWW.NAPEC.CA
DRUMMONDVILLE, QC, Dec. 17, 2014 /CNW Telbec/ - NAPEC Inc. ("NAPEC" or the "Corporation") (TSX: NPC) today announced that its subsidiaries have been awarded several contracts with a total value of close to $100.0 million.
First, NAPEC's U.S.-based subsidiary Riggs Distler & Company, Inc. ("RDC") was awarded three blanket contracts with an aggregate value of up to US $60.0 million (Cdn $69.5 million). Two of these contracts call for the construction and maintenance of electrical substations and overhead transmission facilities for a major utility service provider located in eastern Pennsylvania. The third blanket contract calls for the construction and maintenance of overhead electrical transmission facilities for a major utility service provider located in Illinois. Each contract is for a three-year term, reaching out to the end of calendar year 2017, with two optional one-year extensions.
Second, the Ontario-based subsidiary Riggs Distler Inc. ("RDI") was awarded a three-year contract extension valued at up to $30.0 million for the maintenance and upgrade of the electricity distribution network of an important utility service provider in Toronto. Execution of the contract will begin in the first quarter of 2015.
"These contracts further demonstrate our subsidiaries' leading positions in their respective markets. The blanket contracts awarded to RDC highlight its strong and longstanding business relationships with industry leaders in the United States, while the contract extension in Ontario illustrates RDI's growing reputation as a trusted provider of high-quality services to local utility service providers", said Pierre L. Gauthier, President and Chief Executive Officer of NAPEC.
The Corporation also announced the launch of its new web site. The Corporation believes that in keeping with its new name, this new web site is more representative of the sector in which it currently operates and the image it wishes to project in its target markets, as it gradually implements its new business model across its North American network. The new web site can be viewed at www.napec.ca.
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 service provider to the public utility and heavy industrial markets mainly in Quebec, Ontario, and the eastern United States. NAPEC and its subsidiaries build and maintain electrical transmission and distribution grids, as well as networks for gas utilities. In addition, the Corporation installs gas-powered and electric-powered heavy equipment for utilities, industrial gas power plants, and petro-chemical facilities in North America.
SOURCE: NAPEC Inc
For further information: Pierre L. Gauthier, President and Chief Executive Officer, 819-479-7771, [email protected]; Mario Trahan, CPA, CMA, Chief Financial Officer, 819-479-7771, [email protected]; MaisonBrison, Martin Goulet, CFA, 514-731-0000, [email protected]