Cavico Corporation, a Vietnamese company working in the fields of infrastructure development, announced today its newly formed subsidiary Vietravico has been awarded a construction contract valued at US$36.6 million to construct a tunnel, dam and access road for the Ta Thang Hydropower Project in Vietnam’s Lao Cai Province.
The contracted work is scheduled to commence in early 2008 and is estimated to take about 42 months to complete.
Hai Thanh Tran, vice president of Cavico Corp., said, “As Vietnam’s premier private construction and engineering firm, Cavico is aligning itself with strategic partners focused on Vietnam’s rapid growth in infrastructure development. We plan to continue pursuing additional construction projects both in Vietnam and abroad.”
Vietravico Joint Stock Co was created through the partnership of Cavico Corp and Vietracimex, a state-owned construction company operated by the Vietnam Ministry of Transportation. Vietracimex is the investor for the Ta Thang Hydropower Project, which is valued at approximately US$77.5 million.
Upon completion, the hydropower plant will have a power capacity of 60MW. The project is located at Bao Thang village, about 236 miles north of Hanoi City.
Cavico Corporation’s stock is not currently traded. 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/cvcpprofile.aspx.
Cavico is preparing a Form 10 and upon filing will make an application to the Over-the-Counter Bulletin Board.
About Cavico Corp.
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 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 organisations. 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/cvcpprofile.aspx.
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This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Cavico plans, expects, should, believes, anticipates or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. 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.
Cavico Corp., Huntington Beach, Calif.
Hawk Associates, Inc.
Frank N. Hawkins, Jr., 305-451-1888
For Cavico Corp.
Timothy Pham, 714-843-5456