HOLLYWOOD, FL -- (Marketwired) -- 07/13/16 --
NV5 Global, Inc. (the "Company" or "NV5") (NASDAQ: NVEE), a provider of professional and technical engineering and consulting solutions, announced today that it was selected by the City of Hallandale Beach to provide Owner's Representative and Construction Project Management and Inspection services for the implementation of the City Wide Parks Master Plan and Main Fire Station projects in Broward County, Florida for approximately $1 million. The new contract, which will harness the combined talents of the Program Management and CQA groups at NV5, directly resulted from the Company's commitment to cross-selling and synergy across operations nationwide. Since the initiative launched in August 2015, NV5 has contracted approximately $10.8 million in organic revenue that may have been outsourced to other companies in the past.
Dickerson Wright, PE, Chairman and CEO of NV5, said, "We are so pleased that NV5 is now providing new, additional services that are part of our program management vertical to clients like Hallandale Beach as a result of our robust cross-selling strategy. This is just one example of revenue that will go directly to our bottom line rather than to sub-consultants. As we continue to grow and expand our services, we will pursue even more opportunities like this."
Scott Kvandal, PE, Chief Synergy Officer and COO of Infrastructure in the West, added, "By emphasizing constant communication among our experts in different disciplines across the country and proactivity in the pursuit of new and expanded contracts, we have been able to accomplish so much in less than a year."
Regarding the City of Hallandale Beach projects, Rudy Gonzembach, Senior Project Manager at NV5 and Lead Inspector for the projects, commented, "This is a great opportunity for NV5 to demonstrate its capability to provide Owner's Representative services to the South Florida Community. Our scope will include both construction inspection and project management services for many great community projects, including the 8 parks and Fire Rescue Station that are part of the General Obligation Bond approved by the City's voters."
About the City of Hallandale Beach
Hallandale Beach is located in Broward County, Florida with a population of approximately 37,000 residents. Hallandale Beach is known for its substantial financial district and as a destination city for many tourists who eventually retire in the City, making it a rapidly growing population. Originally, Hallandale was a farming community, where farmers used the beach only for recreation. Hallandale officially became a town on May 14, 1927. By that time, there were 1,500 residents, street lights, and electricity in the community. In 1947, Hallandale was reincorporated as a city, and was allowed to annex land to the east. In August of 1999, the city officially changed its name to Hallandale Beach. For more information, visit the City's website at www.hallandalebeachfl.gov.
NV5 Global, Inc.(NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure, engineering and support services, energy, program management, and environmental solutions. The Company operates 58 offices in 25 states nationwide, and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at www.NV5.com Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
This news 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) our ability to successfully execute our mergers and acquisitions strategy and the subsequent integration of new companies into our business; (b) changes in demand from the local and state government and private clients that we serve; (c) general economic conditions, nationally and globally, and their effect on the market for our services; (d) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (e) changes in laws, regulations, or policies; and (f) 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.
NV5 Global, Inc.
Lauren Wright, Ph.D.
Director of Investor Relations
Source: NV5 Global, Inc.