NV5 Awarded $8 Million for New York and North Carolina Transportation Projects

Rhea-AI Summary

NV5 Global announced that it has secured $8 million in infrastructure improvement contracts from the state Departments of Transportation in New York and North Carolina. The contracts include a two-year, $4 million project in North Carolina for engineering services and a $4 million project in New York for construction inspection and ecological design. NV5 has been providing services to these departments for over 25 years, emphasizing its commitment to enhancing transportation infrastructure reliability and safety.

Positive

• Secured $8 million in contracts for infrastructure projects.
• Long-standing relationship with New York and North Carolina Departments of Transportation for over 25 years.

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• None.

HOLLYWOOD, Fla., Sept. 01, 2022 (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 $8 million in infrastructure improvement project awards by the state Departments of Transportation in New York and North Carolina. Under the scope of these contracts, NV5 will deliver engineering design, surveying, and inspection services on roads, bridges, and other transportation infrastructure assets.

“NV5 has delivered infrastructure design, surveying, and inspection services to the New York and North Carolina Departments of Transportation for more than 25 years,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are pleased to have been selected for these projects and to continue delivering technical excellence to support transportation reliability and safety across each of these states.”

The North Carolina Department of Transportation (NCDOT) awarded NV5 a two-year, $4-million contract to assist in the development and delivery of transportation infrastructure, reviews of project plans, and development of technical reports for the NCDOT Eastern Region. NV5 will also serve as a general engineering services consultant, reviewing deliverables submitted by other professional services firms or third parties for the purpose of supporting infrastructure project delivery.

NV5 was also awarded approximately $4 million in contracts by the New York State Department of Transportation. NV5 will provide construction inspection services for pavement rehabilitation and resurfacing projects on Long Island, as well as ecological design and consulting services throughout the downstate, New York City, and Long Island regions.

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 contracts did NVEE secure in September 2022?

NVEE secured $8 million in infrastructure improvement contracts from the New York and North Carolina Departments of Transportation.

How much is the North Carolina contract awarded to NVEE?

The North Carolina Department of Transportation awarded NVEE a two-year, $4 million contract.

What services will NVEE provide in the New York project?

In New York, NVEE will offer construction inspection services for pavement rehabilitation and ecological design.

How long has NVEE worked with state transportation departments?

NVEE has been providing services to the New York and North Carolina Departments of Transportation for over 25 years.