NV5 Awarded $9 Million for New York City Parks & Recreation Facility Improvements

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) has secured a $9 million contract from the New York City Department of Parks and Recreation for landscape architectural design services over a three-year term, with a two-year renewal option. This contract involves designing enhancements for parks and recreational facilities, focusing on sustainable practices to strengthen community ties and resilience. This marks NV5's second consecutive contract with the department, reflecting its ongoing commitment to enhancing urban infrastructure.

Positive

• Secured a $9 million contract from NYC Department of Parks and Recreation.
• Focus on sustainable design for recreational facilities.
• Second consecutive agreement, indicating strong client relationship.

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• None.

HOLLYWOOD, Fla., Dec. 29, 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 a $9 million contract by the New York City Department of Parks and Recreation to provide landscape architectural design services throughout New York City. The agreement carries an initial term of three years, as well as a two-year renewal option.

Under this contract, NV5 will design improvements for facilities such as sports fields, playgrounds, skate parks, tracks, waterfront, natural areas, and shoreline restoration. Special focus will be placed on sustainable design to improve the connection between parks and neighborhoods, as well as the utilization of green infrastructure techniques to promote resiliency. This is NV5’s second consecutive agreement of its kind with the New York City Department of Parks and Recreation.

“We are pleased to expand our relationship with the New York City Department of Parks and Recreation and to contribute to improvements that will enrich the lives of New York City residents and visitors,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Sustainable features such as the incorporation of green spaces, opportunities for underserved communities, and improved livability continue to be drivers of modern infrastructure and facility development, and NV5 is proud to be a leader in sustainable infrastructure solutions.”

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 & owner representation, 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 is the value of NVEE's contract with New York City?

NVEE has been awarded a contract worth $9 million by the New York City Department of Parks and Recreation.

How long is the contract NVEE received from NYC?

The contract has an initial term of three years, with a potential two-year renewal option.

What services will NVEE provide under the NYC contract?

NVEE will provide landscape architectural design services for various recreational facilities, including parks and sports fields.

What is NVEE's focus in its new contract with NYC?

NVEE will focus on sustainable design to improve the connection between parks and neighborhoods.

Is this the first contract NVEE has with NYC Department of Parks and Recreation?

No, this is NVEE's second consecutive agreement with the NYC Department of Parks and Recreation.