NV5 Expands New York City Parks and Recreation Relationship with $11 Million Engineering and Planning Awards

Rhea-AI Summary

Nv5 Global, Inc. (Nasdaq: NVEE) has secured $11 million in contracts with the New York City Department of Parks and Recreation. The major contract includes a $9 million agreement for civil and structural engineering design across city recreational facilities over three years. Additionally, NV5 will provide a $1.5 million contract for the Coney Island Boardwalk Pre-Design Study aimed at addressing deterioration and enhancing resiliency. This represents NV5’s first engineering design contract with the agency, expanding its existing services. The CEO expressed commitment to supporting NYC’s infrastructure and climate resilience efforts.

Positive

• Awarded $11 million in contracts from NYC Department of Parks and Recreation.
• Secured a $9 million, three-year contract for engineering design improvements.
• First engineering design contract with the agency, expanding service offerings.
• Recognized for long-term commitment to NYC infrastructure projects.

Negative

• None.

HOLLYWOOD, Fla., March 13, 2023 (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 $11 million in new contracts by the New York City Department of Parks and Recreation to provide engineering design throughout the City and planning services for the Coney Island Boardwalk reconstruction.

NV5 was selected for a three-year, $9 million contract to design civil and structural engineering improvements for facilities such as parks, recreation centers, piers, marinas, and waterfront structures. This contract is NV5’s first engineering design agreement with the Department of Parks and Recreation and expands upon the landscape architecture, planning, and inspection services that NV5 currently provides to the agency.

NV5 was also awarded a $1.5 million contract to develop a phasing plan and design guidelines for The Coney Island Boardwalk Pre-Design Study. The study is the first phase of a project to reconstruct the boardwalk to address its deteriorating condition and improve the resiliency of the boardwalk, adjacent facilities, and surrounding neighborhoods.

“We have served the New York City Department of Parks and Recreation for close to 20 years, and we are pleased that the agency has recognized NV5’s commitment to excellence by expanding our services and involving NV5 in critical resiliency projects,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We look forward to continuing our support of New York City infrastructure improvements that serve the community and protect against climate change and sea level rise.”

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 from NYC Parks and Recreation?

NVEE secured $11 million in contracts, including a $9 million engineering design contract and a $1.5 million contract for the Coney Island Boardwalk Pre-Design Study.

How long is the NVEE contract with NYC for engineering design?

The engineering design contract with NYC is for three years.

What is the purpose of the Coney Island Boardwalk Pre-Design Study awarded to NVEE?

The study aims to address the deteriorating condition of the boardwalk and improve its resiliency.

What does the new contract represent for NVEE?

The new contract represents NVEE's first engineering design agreement with the NYC Department of Parks and Recreation.

What is the total value of contracts awarded to NVEE on March 13, 2023?

The total value of contracts awarded to NVEE on March 13, 2023, is $11 million.