NV5 Awarded $7 Million Caltrans Program Management Contract Amendment

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has received a contract amendment from the California Department of Transportation (Caltrans), expanding its existing on-call construction management contract by approximately $7 million. This contract will extend for an additional seven months and will involve providing not-at-risk construction management services for transportation projects in Caltrans District 10, San Joaquin Valley. NV5 has over 20 years of experience supporting Caltrans with infrastructure projects throughout California.

Positive

• Awarded a $7 million contract amendment to expand construction management services.
• Contract extension of seven months enhances project opportunities.

Negative

• None.

HOLLYWOOD, Fla., April 19, 2022 (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 contract amendment by the California Department of Transportation (Caltrans) to expand NV5’s existing on-call construction management contract by approximately $7 million. Under the amendment, NV5 will provide not at risk construction management services, including on-call construction inspection, office engineering, claims resolution, and constructability support services for transportation projects throughout Caltrans District 10 in the San Joaquin Valley. This amendment also provides a contract extension of seven months.

For 20 years, NV5 has provided program management, engineering design, surveying, and inspection services to support Caltrans critical infrastructure projects throughout California.

“Since 2003, NV5 has assisted Caltrans in the design, inspection, and oversight of safe and reliable transportation infrastructure across the State,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are pleased to have been selected to continue delivering technical excellence in support of infrastructure projects throughout the District 10 service area.”

“We are proud of our longstanding relationship with Caltrans, and we appreciate the opportunity to continue supporting projects throughout District 10,” said Todd George, PE, COO Infrastructure West 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’s services include multiple verticals such as 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 recent contract amendment did NVEE announce?

NVEE announced a contract amendment with Caltrans, expanding its existing on-call construction management contract by approximately $7 million.

How much is the new contract amendment for NV5 Global, Inc.?

The new contract amendment for NV5 Global, Inc. is approximately $7 million.

What services will NV5 provide under the new contract with Caltrans?

Under the new contract, NV5 will provide not-at-risk construction management services, including construction inspection, office engineering, claims resolution, and constructability support.

What is the duration of the contract extension awarded to NV5 Global, Inc.?

The contract extension awarded to NV5 Global, Inc. is for an additional seven months.

In which area will NV5 provide services under the new contract amendment?

NV5 will provide services throughout Caltrans District 10 in the San Joaquin Valley.