DRUMMONDVILLE, QC, Jan. 15, 2015 /CNW Telbec/ - NAPEC Inc. ("NAPEC" or the "Corporation") (TSX: NPC) today announced that its U.S.-based subsidiary Riggs Distler & Company, Inc. ("RDC") has been awarded a blanket contract with a total value of US $30.0 million (Cdn $35.8 million).
Under the terms of the agreement, RDC will provide construction and maintenance services on the aerial electricity distribution network of a major utility service provider located in the U.S. Mid-Atlantic region. The contract is for a three-year term, reaching out to the end of 2017, including two optional one-year extensions.
"This most recent contract confirms RDC's solid reputation as a leading supplier of high-quality services to utility service providers across the eastern United States. In the past month, RDC has obtained four multi-year blanket contracts representing an aggregate value of US $90.0 million (more than Cdn $105.0 million), which speaks highly about the wide-ranging coverage of its strategic markets", said Pierre L. Gauthier, President and Chief Executive Officer of NAPEC.
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]