Los Angeles County Awards NV5 $6 Million Environmental Services Contract

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced a $6 million contract awarded by the Los Angeles County Department of Public Works for environmental compliance services over five years. This contract includes environmental site assessments, remediation management, and compliance support for various infrastructure projects. NV5 has a longstanding relationship with the county, providing expertise for over 20 years. The company operates in multiple sectors, including utility services and environmental health sciences, supporting essential services for over 10 million residents across a 4,000 square mile area.

Positive

• Awarded a $6 million contract, enhancing revenue potential.
• Long-standing relationship with Los Angeles County demonstrates trust and reliability.
• Focus on environmental compliance supports growing market demand for sustainability.

Negative

• None.

HOLLYWOOD, Fla., Nov. 07, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has been awarded a $6 million contract by the Los Angeles County Department of Public Works to provide environmental compliance services for infrastructure and facility projects across the county.

The Department of Public Works is responsible for providing infrastructure and essential services to more than 10 million people across a 4,000 square mile service area. Under the five-year contract, NV5 will provide environmental site assessments, remediation management, and environmental compliance support.

“Environmental regulations related to infrastructure and facilities exist at the federal, state, and local level, and achieving compliance to all of these standards can be a complex task,” said Dickerson Wright, PE, Chairman and CEO of NV5. “NV5 has provided environmental expertise to Los Angeles County for more than 20 years, and we are pleased that our environmental expertise will continue to support the mission of the Los Angeles Department of Public Works to protect and enrich the daily lives of Los Angeles County residents.”

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: utility services, infrastructure engineering, testing, inspection & consulting, buildings & program management, environmental health sciences, and geospatial technology services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.

FAQ

What is the value of the contract NV5 Global received in November 2022?

NV5 Global was awarded a $6 million contract by the Los Angeles County Department of Public Works.

What services will NV5 Global provide under the new contract?

NV5 Global will provide environmental site assessments, remediation management, and environmental compliance support.

How long is the contract awarded to NV5 Global?

The contract is for a duration of five years.

Which department awarded the contract to NV5 Global?

The contract was awarded by the Los Angeles County Department of Public Works.

How does NV5 Global's contract impact its business?

The contract boosts NV5 Global's revenue potential and reinforces its position in the environmental compliance sector.