NV5 Awarded $8 Million in California Transportation Infrastructure Contracts

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) announced contracts worth approximately $8 million with the California Department of Transportation, Stanislaus County, and Calaveras County. These contracts will support essential transportation infrastructure projects, including engineering design and construction management services. Notably, one project involves expanding State Route 395 into a four-lane expressway, expected to complete in 2024. NV5 has collaborated with Caltrans for two decades, emphasizing the significance of reliable transportation for community development.

Positive

• Awarded contracts valued at approximately $8 million.
• Previous successful collaboration with Caltrans for over 20 years.
• Involvement in critical infrastructure projects enhances company visibility and reputation.

Negative

• None.

HOLLYWOOD, Fla., Oct. 20, 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 contracts by the California Department of Transportation (Caltrans), Stanislaus County, and Calaveras County valued at approximately $8 million to support critical California transportation infrastructure. Under the scope of these contracts, NV5 will provide engineering design, construction inspection, and not-at-risk construction management services for critical roadway construction and improvement projects.

“The economic development of the communities where we live and work depends on reliable and efficient transportation infrastructure,” said Dickerson Wright, PE, Chairman and CEO of NV5. “NV5 has provided engineering, surveying, and inspection services to Caltrans and California municipalities for two decades, and we are pleased to support future transportation improvements through these new contract awards.”

Caltrans District 9 selected NV5 to provide construction management services for the State Route 395 Olancha-Cartago 4-Lane Project in Inyo County. The project will expand 12.6 miles of the existing U.S. Highway from a two-lane conventional highway into a four-lane expressway and is expected to be completed in 2024. NV5 was also awarded a three-year contract in Stanislaus County and a four-year contract in Calaveras County to provide engineering, inspection, testing, claims, and constructability support services for various transportation projects.

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 are the recent contracts awarded to NV5 Global (NVEE)?

NV5 Global was awarded contracts valued at approximately $8 million to support transportation infrastructure projects in California.

What is the expected completion date for the State Route 395 project by NV5 (NVEE)?

The State Route 395 project is expected to be completed in 2024.

Which counties are involved in the recent NV5 Global (NVEE) contracts?

The contracts involve the California Department of Transportation, Stanislaus County, and Calaveras County.

What services will NV5 provide under the new contracts (NVEE)?

NV5 will provide engineering design, construction inspection, and construction management services.