NV5 Awarded $11 Million Essential Infrastructure Projects in California and New Mexico

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced it has secured $11 million in contracts for utility and transportation infrastructure projects in California and New Mexico. The contracts include approximately $5 million for surveying services from a major California utility, aimed at enhancing electrical service reliability during infrastructure improvements. Additionally, NV5 received a $3 million contract from New Mexico's Department of Transportation for engineering design for State Road 68 improvements, focusing on full roadway renovations and safety compliance. A further $3 million contract with San Diego's Development Services will support building inspection and permit processing.

Positive

• $11 million in new contracts awarded.
• Diverse portfolio including utility surveying and transportation engineering.
• Focus on enhancing infrastructure safety and reliability.

Negative

• None.

HOLLYWOOD, Fla., March 29, 2023 (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 $11 million in contracts to support utility and transportation infrastructure improvements in California and New Mexico.

“Safe and reliable infrastructure is not dependent on economic conditions, and continuous improvements to infrastructure are required,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are pleased to contribute NV5’s technical expertise to improving energy, transportation, and building safety and reliability in the Western US and across the country.”

A major California utility selected NV5 for approximately $5 million in surveying contract awards to support electrical service reliability. NV5 will provide topographic, boundary, construction, route, and utility inspection surveys as part of utility infrastructure improvements including electrical system hardening, fire mitigation, and utility distribution enhancements.

The New Mexico Department of Transportation awarded NV5 a $3 million contract to provide engineering design services for roadway and alignment improvements on New Mexico State Road 68.  The roadway improvements include a full renovation of roadways including ADA compliance services to improve safety for drivers, pedestrians, and cyclists.

NV5 was also selected by the City of San Diego Development Services Department for a $3 million plan check and inspection services contract. Under the agreement, NV5 will provide multidisciplinary engineering, building and safety plan review, records management, and building inspection services to assist the city with infrastructure and building permit processing.

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 contracts were awarded to NVEE on March 29, 2023?

NVEE was awarded $11 million in contracts for utility and transportation infrastructure improvements in California and New Mexico.

How much did NVEE receive for surveying contracts in California?

NVEE secured approximately $5 million for surveying contracts to support electrical service reliability.

What is the purpose of the $3 million contract from New Mexico's Department of Transportation?

The $3 million contract is for engineering design services for roadway improvements on State Road 68.

What services will NVEE provide under the contract with San Diego?

NVEE will provide engineering, building and safety plan review, records management, and inspection services to assist with infrastructure and building permit processing.