Drummondville, Quebec, April 13, 2016 – NAPEC Inc. (“NAPEC” or “the Corporation”) (TSX: NPC) today announced that its U.S.-based subsidiary Riggs Distler & Company, Inc. (“RDC”) was awarded several contracts during the first quarter of 2016. The total value of these contracts is approximately US $64 million, equivalent to about Cdn $82.6 million based on the current exchange rate, and will be included in NAPEC’s backlog as at March 31, 2016. The execution of these contracts will begin in the second quarter of 2016. First, RDC was awarded a three-year contract worth a total value of US $30 million to provide construction and maintenance services on the overhead electricity distribution network of a major utility service provider in the U.S. Northeast. The contract also includes two renewal options of one year each, exercisable at the client’s discretion. Second, RDC obtained a five-year contract to proceed with the construction of the Advanced Metering Infrastructure (AMI) for an important utility service provider in Pennsylvania. This long-term agreement has a total value of US $28 million. Finally, RDC was awarded a one-year contract extension valued at US $6 million to provide environmental matting services to a major utility service provider in the U.S. Northeast. “These contracts confirm our leading position in the U.S. Northeast market. We are pleased to sign long-term agreements which further demonstrate our solid business relationships with large-scale utility service providers, while we continue to successfully deploy our value-added matting services across the industry”, said Pierre L. Gauthier, President and Chief Executive Officer of NAPEC. FORWARD-LOOKING STATEMENTS This document contains forward-looking statements that reflect management’s current expectations regarding future events. Forward-looking statements are based on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events. OVERVIEW OF THE CORPORATION NAPEC is a company operating in the energy sector. The Corporation is a leading provider of construction and maintenance services to the public utility and heavy industrial markets, mainly in Quebec, Ontario, and the eastern United States. NAPEC and its subsidiaries build and maintain electrical transmission and distribution systems and natural gas networks. The Corporation also installs gas-powered and electric-powered heavy equipment for utilities, gas-fired industrial power plants and petrochemical facilities in North America. The Corporation also offers environmental construction and road matting services. Further information regarding NAPEC is available in the SEDAR database (www.sedar.com) and on the Corporation’s website at www.napec.ca. – 30 – Source: NAPEC Inc. Contacts: Pierre L. Gauthier Mario Trahan, CPA, CMA MaisonBrison President and Chief Executive Officer Chief Financial Officer Martin Goulet, CFA 819-479-7771 819-479-7771 514-731-0000 email@example.com firstname.lastname@example.org email@example.com
About The Wall Street Analyzer 1608 Articles
The Wall Street Analyzer's staff of writers, analysts, publishers, producers, market researchers, and PR professionals aim to provide investors with the tools they need to make informed decisions on buying stock. Our staff is a mix of financial professionals and media savvy individuals whose experiences bring the best talent from both ends of the spectrum.