Cavico Awarded Tunnel Construction Contract at Thuong Kon Tum Hydropower Plant
HANOI, Vietnam-(Business Wire)-September 22, 2009 - Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that Vinh Son – Song Hinh Hydropower Joint Stock Company has awarded us a contract to construct a service access tunnel and road leading to Thuong Kon Tum hydropower plant. The project’s Phrase I and II contracts have an estimated revenue value of $7 million and $5 million, respectively.
For Phrase I, we will excavate a 1.8 kilometer long, 6.5 diameters wide, and 7.5 diameters high service access tunnel and construct and improve the road around the plant. In Phrase II, we will be responsible for pouring concrete for the tunnel.
The Thuong Kon Tum hydropower plant is a 240 Megawatt hydropower plant with a capital investment of $300 million and is located on the DakNghe River, in the Kon Tum province in central Vietnam. The plant, expected to be completed in five years, will supply 1070 million kilowatt-hours per year to this region.
“We are very pleased to be awarded construction work at Thuong Kon Tum hydropower plant. This plant has a design of a 16 kilometer long tunnel and will make this the longest tunnel ever constructed in Vietnam. The project will have many complex construction packages that require highly sophisticated and specialized engineering technologies,” comments Mr. Hai Thanh Tran. “As an experienced contractor in the field of underground construction, Cavico is confident in its ability to execute its scope of work.”
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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