Bui Quang Ha, CEO of Cavico Corp (PINKSHEETS: 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, announced that on August 4th, 2006 it signed a contract to begin service road work for the ALuoi Hydropower Plant. The project is owned by the Central Hydropower Joint Stock Co (CHP).
“This is an extremely important first contract for Cavico at ALuoi,” commented Qui Hang Bui, CEO of Cavico Corp “The ALuoi project will be a very large, ongoing operation, in which Cavico is now positioned to secure additional work in other areas of the facility as a main contractor.”
The US$168 million dollar project is located in central Vietnam’s A Luoi district, Thua Thien Hue province, 80 kilometres from Hue City and 120 kilometres from Da Nang City. The plant will be designed with a capacity of 150 MW. The project’s major shareholders include: Electricity of Vietnam (EVN), Hanoi Power Co., Power 2 and Power 3 Cos.
The ALuoi project was made possible by the approval of the prime minister’s office and will be constructed according to Regulation 797, 400 following the official statement 1605/Ttg-CN dated October 18, 2005.
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 organisations. 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 Organisation 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.
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 Corp 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 Corp 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.
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SOURCE: Cavico Corporation