NV5 Awarded $15 Million Infrastructure Engineering Design Contract by New York City Department of Design and Construction

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured a three-year, $15 million contract with the New York City Department of Design and Construction. This agreement aims to provide engineering design and related services for large infrastructure projects across New York City's five boroughs. NV5's long-standing relationship with NYCDDC since 1996 has resulted in various successful infrastructure initiatives. The company aims to deliver community-focused solutions addressing economic and environmental challenges.

Positive

• Secured a $15 million contract with NYCDDC for three years.
• Continued partnership with NYCDDC since 1996 enhances credibility.
• Focus on community benefits in project execution.

Negative

• Potential risks from economic changes affecting project demand.
• Dependence on local and state government contracts may pose financial uncertainty.

HOLLYWOOD, Fla., Dec. 15, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, engineering, and environmental consulting solutions, announced today that it has been awarded a three-year, $15 million term agreement with the New York City Department of Design and Construction (NYCDDC) to provide engineering design and related services for large infrastructure projects throughout the five boroughs of New York City.

NV5 has provided professional design and inspection services to NYCDDC since the agency’s inception in 1996. Projects have included award-winning public open spaces, roadways, bridges, and greenways; and all subsurface infrastructure necessary to support these projects.

“We are proud of our 25-year relationship with the NYCDDC and the contributions that NV5 has made to infrastructure improvements in New York City,” said Dickerson Wright, PE, Chairman & CEO of NV5. “Under this new contract we will continue to provide innovative and practical solutions to address the issues the City faces in the wake of recent economic and environmental changes.”

“It is our goal to deliver every project with the community in mind to ensure that the people of New York City are benefitting from the improvements we are making,” said Joseph Menzer, PE, Vice President and Director of New York Operations at NV5.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, engineering, and environmental consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. 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 LinkedIn, Twitter, Facebook, and Instagram.

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 

FAQ

What is the recent contract NVEE secured with NYCDDC?

NVEE secured a three-year, $15 million contract with the New York City Department of Design and Construction.

How long has NVEE been working with NYCDDC?

NVEE has provided services to NYCDDC since its inception in 1996, marking a 25-year relationship.

What types of projects will NVEE undertake under the new contract?

NVEE will provide engineering design and related services for large infrastructure projects throughout New York City.

What is the primary goal of NVEE's current projects with NYCDDC?

The aim is to deliver innovative and practical solutions that benefit the community.