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Cavico Corporation Awarded Hydropower Construction Contract Valued at US $19.2M
LOS ANGELES & HANOI, Vietnam-(Business Wire)-January 30, 2008 - Cavico Corp. (Ticker Symbol:CAVN) today announced it has been awarded a construction contract valued at $19.2 million to build a second section of the headrace tunnel at the Dambri hydropower plant in Vietnam. This brings Cavico's total awards at the Dambri hydropower plant to an estimated $34.3 million.
The latest contract with Southern Hydropower Joint Stock Company at the Dambri hydropower plant is to construct a 2 mile long and 12 to 14 feet wide section of the headrace tunnel.
Cavico Corp. Vice President Hai Thanh Tran said, "We are very pleased to be awarded another contract at the Dambri plant, where we have already started operations. Earlier this month we started transporting equipment to the site to begin work on the first section of the headrace tunnel, which will be approximately 3.1 miles long with a diameter of 12 to 14 feet. With this award, we bring the total value of contracts at Dambri hydropower plant to $34.3 million. We have committed to the project's owner that we will complete this project within 36 months."
The Dambri Hydropower plant is located 87 miles northeast of Ho Chi Minh City in Da Huoai village, near Da Teh city in Lam Dong Province of Vietnam. Owned by Southern Hydropower Joint Stock Company, the $80 million plant will have a 75MW capacity.
To view pictures of Cavico's ground-breaking ceremony for the Dambri hydropower project, visit http://www.hawkassociates.com/cavnmore.aspx.
Cavico Corporation's stock is not currently traded. The company has submitted its Form 10 containing financials to the United States Securities and Exchange Commission ("SEC"). Cavico has filed a Form 15c-211, through The Financial Industry Regulatory Authority ("FINRA"), with the view of having Cavico's common stock to be re-listed. Cavico has been assigned a new ticker symbol, CAVN. In order to obtain information about the company and news updates, investors may visit the company website, http://www.cavicocorp.com or its investor relations website at http://www.hawkassociates.com/cavnprofile.aspx.
About Cavico Corporation
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 people. For more information, visit http://www.cavicocorp.com.
A profile for investors can be accessed at http://www.hawkassociates.com/cavnprofile.aspx.
For investor relations questions, contact Antonella Montagna or Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail: info@hawkassociates.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com. To receive free e-mail notification of future releases for this company, sign up at http://www.hawkassociates.com/email.aspx.
Safe-Harbor Statement
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Cavico Corporation to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and Cavico Corporation assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products and services, inability to deliver products and services when promised, inability of potential customers to pay for ordered products and services, and political and economic risks inherent in international trade.
