NV5 Awarded $17 Million Geospatial Contract to Support Statewide Imagery for the Commonwealth of Kentucky

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured a $17 million contract to develop a comprehensive aerial photography and elevation database for Kentucky. This initiative, part of the KyFromAbove program, aims to enhance geospatial data access, thereby reducing GIS development costs and improving efficiency in state processes. Over a two-year period, NV5 will gather natural color and digital imagery to aid in resource management, land planning, and infrastructure development. The CEO emphasizes the growing demand for high-resolution geospatial services to support economic and resource management.

Positive

• Secured a $17 million contract to develop statewide aerial photography for Kentucky.
• The project supports cost reduction in GIS application development and enhances data sharing.
• Strengthens relationships with state and local governments while promoting private sector development.

Negative

• None.

HOLLYWOOD, Fla., Feb. 16, 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 a $17 million contract to support the development of a detailed statewide aerial photography and elevation database for the Commonwealth of Kentucky. The project supports Kentucky’s KyFromAbove initiative which provides geospatial information across the commonwealth to reduce GIS application development costs, promote data sharing, and add efficiencies to state agency processes that utilize geospatial data.

“We are pleased to continue our work with the Commonwealth of Kentucky to provide geospatial data that will support state and local government initiatives, as well as private sector development,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Opportunities to deliver statewide geospatial programs continue to grow as more states recognize the value of high-resolution imagery and lidar databases to support economic development and resource management.”

Under the two-year contract, NV5 will obtain natural color, digital ortho, and oblique imagery over the next two leaf-off data acquisition seasons. The base map developed under this contract will provide useful information to support water and natural resource management, land planning, and infrastructure development throughout the state.

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 contract did NV5 Global, Inc. secure for Kentucky?

NV5 Global, Inc. secured a $17 million contract to develop a detailed statewide aerial photography and elevation database.

How does the KyFromAbove initiative benefit Kentucky?

The KyFromAbove initiative provides geospatial information that reduces GIS application development costs and promotes data sharing among state agencies.

What will NV5 Global provide under the $17 million contract?

NV5 will provide natural color, digital ortho, and oblique imagery over two data acquisition seasons.

How long is the contract period for NV5 Global's Kentucky project?

The contract is set for a two-year period.

What are the expected outcomes of the project for Kentucky?

The project aims to support water resource management, land planning, and infrastructure development throughout the state.