Cavico Corporation Begins Construction of USD $211 Million SEREPOK 3 Hydropower Project
Value of Contract to VINAVICO Approximately USD $54 Million
LOS ANGELES, CA and HANOI, VIETNAM–Jul 18, 2006 — Cavico Corporation (OTC: CVCP), a Vietnamese company working in the fields of infrastructure development, including the construction of hydropower facilities, dams, bridges, roads, mines and urban buildings throughout Vietnam and the Pacific Rim, today announced that VINAVICO, a member company of Cavico Vietnam, has begun preparations consisting of constructing the base camp, moving machinery to the job and distributing labor for the SEREPOK 3 Hydropower Company project.
VINAVICO, of which Cavico is a 37% owner, is the primary unit responsible for constructing the dam and underground pressure roads. The value of the contract to VINAVICO in this project is 810 billion VND (approximately USD $54 million). The project is planned to be completed and delivering power in 2010.
The project is owned by EVN (Electricity of Viet Nam) and will be constructed by BQLDA (Project Management Unit No. V), the main contractor. Upon completion the project, which is located northwest of Dalat city, is expected to generate 180 Mega Watts of power with a total investment of 3,168 billion VND (approximately USD $211 million).
For more information about Cavico, please refer to the company’s website at: http://www.cavicocorp.com.
About Cavico Corporation
Cavico (www.cavicocorp.com), founded in 2000, is a major infrastructure construction, infrastructure investment, and natural resources conglomerate headquartered in Hanoi, Vietnam. The company is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, 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 often include top multi-national corporations as well as government organizations. The company currently employs more than 3,000 people.
Vietnam’s transition to a market economy has generated rapid economic growth. The country’s impending ascension to the World Trade Organization is likely to provide an additional boost to economic growth and a further acceleration in the country’s current infrastructure construction boom. The aggressive development of Vietnam’s energy, transportation, and urban infrastructure is absolutely essential to the country’s ability to compete internationally, and this aggressive build-out is creating huge growth opportunities for infrastructure construction companies such as Cavico.
“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.
Contact:
For Cavico Corporation:
Timothy Pham
Phone: 714-843-5456
Email: Email Contact
Cavico Corporation Investor Relations:
Cinapsys, Inc.
Mark Moline
Phone: 760-458-4899
Email: Email Contact
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