NV5 Awarded $25 Million in Resident Inspection Services by the New York City Department of Design and Construction

Rhea-AI Summary

NV5 Global, Inc. awarded $16 million extension and $9 million task order by NYCDDC

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• NV5 Global, Inc. has been awarded a $16 million extension to an existing contract and a $9 million task order by NYCDDC.
• The projects involve reconstruction of Trinity Place in Lower Manhattan and upgrades to the City's sewer system and electric and gas infrastructure.

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• None.

HOLLYWOOD, Fla., Aug. 23, 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 $16 million extension to an existing resident engineering inspection services contract by the New York City Department of Design and Construction (“NYCDDC”). NV5 has also been issued a $9 million task order to provide resident engineering inspection services for the reconstruction of Trinity Place in Lower Manhattan. In addition to reconstruction of the roadway, the project’s scope will include extensive upgrades to the City’s sewer system and electric and gas infrastructure.

“We are proud of the relationship that we have built with the NYCDDC and the unique value that we deliver to the Department,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Longstanding relationships, like the one with NYCDDC, continue to be significant drivers of organic growth throughout NV5.”

“We have developed a mutually beneficial relationship with NYCDDC, our largest client in New York City, and NV5 will continue to support the City’s focus on infrastructure improvements while incorporating elements of sustainability and resiliency,” said Joseph Menzer, PE, ENV SP, Director of Engineering at NV5.

“We are pleased that our resident engineering staff is contributing to the safety, durability, and functionality of projects that will improve the lives of residents and visitors throughout New York City,” commented Liam Madden, Director of Construction and Utility Services at NV5.

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, construction quality assurance, buildings & technology, environmental health sciences, and geospatial 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.