NV5 Awarded $7 Million in Transportation Infrastructure Projects

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced contracts worth approximately $7 million for supporting transportation infrastructure improvements in California, New York, and South Carolina. The two-year contract in California is valued at $2.2 million for civil program management on the Olancha Cartago Four Lane Project. In New York, NV5 secured a $3 million contract for Construction Inspection Services. A three-year contract in South Carolina anticipates $1.5 million in revenues for survey services. These contracts emphasize NV5's commitment to enhancing community infrastructure.

Positive

• Secured contracts totaling approximately $7 million, which may enhance future revenues.
• Two-year, $2.2 million contract with Caltrans for significant highway project management.
• Awarded $3 million contract in New York for construction inspection services, indicating strong governmental partnerships.
• Three-year contract in South Carolina with projected revenues of $1.5 million for survey services, diversifying project portfolio.

Negative

• None.

HOLLYWOOD, Fla., Feb. 22, 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 approximately $7 million in contracts to support critical transportation infrastructure improvements in California, New York, and South Carolina. Services provided under these contracts will support new infrastructure investments and rehabilitation of existing transportation assets.

“Reliable transportation infrastructure is essential for the safety and economic growth of the communities in which we live and work,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are proud to support the entire lifecycle of our clients’ infrastructure needs from the permitting and feasibility of new projects to the integrity and condition of existing transportation assets.”

In California, Caltrans selected NV5 for a two-year, $2.2 million contract to perform civil program management services on the Olancha Cartago Four Lane Project, which will convert 12.6 miles of two-lane conventional highway into a four-lane expressway.

The New York State Thruway Authority selected NV5 for a two-year, $3 million Construction Inspection Services contract to include projects involving roadways, bridges, facilities, and Intelligent Transportation System (ITS) repair and installation.

The South Carolina Department of Transportation also awarded NV5 a three-year contract to perform survey services to support the feasibility, design, permitting, and construction of transportation infrastructure projects throughout the State. NV5 anticipates $1.5 million in revenues over the duration of the contract.

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