CVTech Group (T.CVT) hit a new 52-week high of $1.78; CVTech Group announced that its newly-acquired subsidiary Riggs Distler & Company, Inc. has been awarded long-term contracts by three important utility service providers in the eastern United States. First, New Jersey-based Public Service Electric and Gas Company ("PSE&G"), among the 10 largest combined electric and gas companies in the United States, conferred a major contract to Riggs Distler to install pole-attached solar panels on PSE&G's utility and street light poles located throughout PSE&G's electric service territory in New Jersey.
This contract has a potential value of $42.6 million U.S. subject to a number of contingencies, including but not limited to, availability of qualifying utility poles, manufacturer ability to produce solar units meeting technical requirements of the program, regulatory approvals and Riggs Distler's provision of installation services for the total project.
Second, Riggs Distler was awarded a three-year renewal "Aerial Contractor of Choice" contract by one of the largest electric and natural gas utility company in Pennsylvania to provide aerial services on its electricity distribution network. Annual revenues are estimated to be in the range of $8-$10 million U.S. Approximately 30 employees will carry out this mandate which will begin on January 1, 2010.
The third contract is a new mandate for Riggs Distler and involves the provision of maintenance services for coal-fired boilers at a utility service provider's power generating stations. This contract is for an initial term of five years, but can be further extended through two one-year options exercisable at the client's discretion. For this contract, management estimates that annual revenues are expected to be at least $7 million U.S. A minimum of 40 employees will be assigned to the execution of this mandate.
Cash Store Financial Services (T.CSF) hit a new 52-week high of $10.18; no news announcements today
Glentel Inc. (T.GLN) hit a new 52-week high of $15.20; no news announcements today
Alliance Grain Traders (T.AGT) hit a new 52-week high of $23.95; no news announcements today
Northland Resources (T.NAU) hit a new 52-week high of $1.22; no news announcements today
Bennett Environmental (T.BEV) hit a new 52-week high of 88 cents; no news announcements today
