DRUMMONDVILLE, QC, Sept. 4, 2012 /CNW Telbec/ - CVTech Group Inc.
("CVTech" or "the Corporation") (TSX: CVT) provides an update with
regards to the sale of its operations in the CVT systems and related
products segment. The Corporation now expects the transaction could
close around September 30, 2012. The Corporation and the buying group
are deploying all required efforts to conclude the transaction.
OVERVIEW OF THE CORPORATION
CVTech is a management company operating in two major sectors. 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. 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.
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:
Source: CVTech Group inc.
André Laramée, MBA
President and Chief Executive Officer
Mario Trahan, CPA, CMA
Chief Financial Officer
Martin Goulet, CFA