NV5 Announces Over $3 Million of International Contracts in Hong Kong, Malaysia, and Saudi Arabia

Rhea-AI Summary

NV5 Global has secured over $3 million in contracts for mechanical, electrical, and plumbing (MEP) and technology design services across projects in Hong Kong, Malaysia, and Saudi Arabia. Notable projects include the full refurbishment of the Le Meridian Hotel in Hong Kong and MEP services for a prominent mall in Kuala Lumpur. Additionally, NV5 will assist a movie theater company with plans for fifty cinemas in Saudi Arabia. This growth follows the acquisition of Mediatech Design Group, enhancing NV5's international operational capabilities.

Positive

• Secured over $3 million in contracts for high-profile international projects.
• Strengthened international operations post-acquisition of Mediatech Design Group.
• Involvement in diverse sectors such as hospitality, retail, and entertainment.

Negative

• None.

HOLLYWOOD, Fla., Oct. 27, 2020 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, and engineering consulting solutions, announced today that it has been awarded over $3 million in mechanical, electrical, and plumbing (MEP) and technology design services to support high profile projects in Hong Kong, Malaysia, and Saudi Arabia. The projects covered under these contracts include hospitality, entertainment, and retail developments that employ sophisticated mechanical, lighting, security, and information technology systems requiring NV5’s expertise.

“The acquisition of Mediatech Design Group in July has given our international operations a competitive advantage by allowing us to bundle our MEP design services with Mediatech’s technology consulting capabilities, and we are already seeing the results of this strategic acquisition,” said Dickerson Wright, PE, Chairman and CEO of NV5. “The strength of our joint capabilities and relationships throughout our service geography provide a unique value to our clients and an opportunity to accelerate the growth of our international business.”

NV5 will provide audiovisual, information, and communications technology and MEP design services for the full refurbishment of the Le Meridian Hotel at Cyberport in Hong Kong. After completion of the renovation, NV5 will also provide ongoing energy efficiency data analytics for the operation of the hotel. In Malaysia, NV5 will deliver MEP and fire protection design services for a prominent mall in Kuala Lumpur. The mixed-use complex includes over 600,000 square feet of retail, restaurants, office space, parking structures, and a landscape deck.

In Saudi Arabia, NV5 was selected to provide MEP and technology services for four projects to support economic diversification in the region. Specifically, NV5 has been selected for a four-year contract to provide MEP design, specialty lighting, and audiovisual and IT design for a leading international movie theater company that is planning fifty cinemas across the country, as well as three "Mega Projects" including resort, entertainment, and marina developments.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a leading provider of compliance, technology, and engineering consulting solutions for public and private sector clients supporting infrastructure, utility, and building assets and systems. The Company primarily focuses on six business verticals: testing, inspection & consulting, infrastructure support services, utility services, 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 recent contracts has NV5 Global (NVEE) secured?

NV5 Global has secured over $3 million in contracts for MEP and technology design services in Hong Kong, Malaysia, and Saudi Arabia.

How did the acquisition of Mediatech Design Group impact NV5 Global (NVEE)?

The acquisition enhanced NV5's international operations, allowing for bundled MEP design services with technology consulting.

What projects is NV5 Global (NVEE) involved in?

NV5 is involved in projects such as the refurbishment of the Le Meridian Hotel in Hong Kong and MEP design services for a mall in Kuala Lumpur.

What is the significance of NV5 Global's (NVEE) contracts in Saudi Arabia?

The contracts in Saudi Arabia include MEP and technology services for a movie theater chain planning to open fifty cinemas, supporting economic diversification.