Cavico Signs $16 Million Contract for Tunnel Construction at Dakdrinh Hydropower Plant
HANOI, Vietnam-(Business Wire)-September 1, 2009 - Cavico Corp. (OTCBB:CAVO), a leading infrastructure development company based in Vietnam, today announced that its wholly owned subsidiary, Cavico Transport Construction JSC (“Cavico Transport”) and its joint venture partners, General Construction and Infrastructure Development Company (“Licogi”) and Song Da Corporation, have signed a construction package with Dakdrinh Hydropower Company Joint Stock Company (“Dakdrinh”). Cavico’s portion of this project is $16 million with the construction expected to be completed within 60 months.
Owned by Dakdrinh Hydropower Company, the 125 megawatt hydropower plant is funded with $212 million capital investment and is located on the Tra Khuc River in Son Tan village in the Quang Ngai province of Central Vietnam. PetrolVietnam Joinstock Finance Corporation (PVFC) and the Bank for Investment and Development of Vietnam (BIDV) are committed to finance this project.
Cavico Transport will construct a 7.5 kilometers long and 4.5 meters wide water tunnel and tunnel Sections No.3, No.4, and No.5. Cavico Transport has recently signed two separate contracts with Dakdrinh Hydropower for Phases I and II of the Dakdrinh hydropower plant project totaling $13.4 million to extract, process, and transport stones.
"Cavico is very pleased to work alongside its partners Licogi and Song Da Corporation, two large established construction companies with solid hydropower construction reputation,” stated Tran Thanh Hai, vice president of Cavico Corp. “This cooperation shows that Cavico Transport has earned the trust and recognition as one of Vietnam’s leading construction companies. Jointly the three companies have assured Dakdrinh that the construction will be completed as scheduled.”
About Cavico Corp.
Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. The company employs more than 3,000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.
Founded in 2000, Cavico is a major infrastructure construction, infrastructure investment and natural resources conglomerate headquartered in Hanoi, Vietnam. Cavico is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, ports and urban community developments. One of the Company’s primary competitive advantages is its ability to nurture a project “from concept through completion” with a vertical portfolio of interrelated investment, permitting, design, construction management and facility maintenance services. Cavico’s project partners include top multi-national corporations and government organizations. The Company employs more than 3,000 full-time, part-time, and seasonal workers. For more information, visit http://www.cavicocorp.com. Information on the Company’s Web site or any other Web site does not constitute a portion of this release.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s ability to obtain the necessary financing to continue and expand operations, to market its construction services in new markets and to offer construction services at competitive pricing, the Company’s ability to complete projects in the time frame specified; anticipated revenue from the projects to attract and retain management, and to integrate and maintain technical information and management information systems; the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. These statements include, without limitation, statements regarding our ability to prepare the Company for growth; the Company’s planned expansions, and predictions and guidance relating to the Company’s future financial performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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