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NV5 secures $8 million in transportation projects from New York and North Carolina

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The state Departments of Transportation in North Carolina and New York awarded $8M in infrastructure improvement projects to NV5 Global (NASDAQ:NVEE).

The Company was given a two-year, $4 million contract by the North Carolina Department of Transportation (NCDOT) to help with the creation and delivery of transportation infrastructure, evaluations of project plans, and creation of technical reports for the NCDOT Eastern Region.

Additionally, the Company received $4 million in contracts from the New York State Department of Transportation to provide ecological design and consulting services across the downstate, New York City, and Long Island regions, as well as construction inspection services for pavement rehabilitation and resurfacing projects on Long Island.

“For more than 25 years, NV5 has provided infrastructure design, surveying, and inspection services to the transportation departments of North Carolina and New York. We are happy to continue providing technical excellence to assist transportation reliability and safety in each of these states and to have been chosen for these projects. NV5 Chairman and CEO Dickerson Wright, PE, remarked.

In order to support utility, infrastructure, and building assets and systems, NV5 Global, Inc. offers technology, conformity evaluation, and consulting solutions to clients in the public and private sectors.

Share repurchase program

A $100-million share repurchase program of NV5’s Class A common stock has been approved by the board of directors, according to a news statement. Shares of the Company may be repurchased from time to time, and the timing and quantity of shares purchased under the program will depend on a variety of variables, including share price and market circumstances.

The implementation of the repurchase program will be in accordance with the Company’s capital allocation policy, which places a priority on investments that will help the Company grow. The share repurchase program has no fixed end date and is subject to cancellation or suspension at any time without prior notice. NV5 is not required to buy a specified quantity of Class A common stock under it.

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