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Cavico Mining Appoints New President and Issues Additional Shares

Posted on: Wednesday, 16 July 2008, 18:00 CDT

Cavico Corporation (OTC BB: CVIC) ("Cavico" or "the Company"), a leading infrastructure development company in Vietnam, today announced that Cavico Mining (HOSE: MCV), the Company's minority holding company, which is currently listed on Ho Chi Minh Stock Exchange (HOSE) with symbol MCV, issued an additional 2,289,749 common shares on June 18, 2008. The additional shares were issued to expand Cavico Mining's investment and production objectives.

Cavico Mining will now have a float of 6,889,749 shares and Cavico holds 1,800,001 shares representing more than 26% of shares outstanding, compared to 39% owned earlier. Cavico has not made any additional investment in Cavico Mining, as the Company currently wants to focus on other new projects.

The Board of Directors of Cavico Mining passed a decision to appoint Mr. Son Dinh Pham as its new President, replacing Mr. Binh Thanh Hua. Mr. Pham formerly served as Cavico's Chief of Planning and Investment Officer. Mr. Hua will remain with Cavico and assume another role in the Company. Mr. Pham, who has served many years at Cavico's Cost and Planning Department, is expected to manage good cost control for Cavico Mining and bring better business results.

"Cavico Corp has not made any additional investment in Cavico Mining," commented Mr. Hung Manh Tran, Chairman of Cavico Mining Executive Vice President of Cavico Corp. "However, Cavico continues to maintain its control and plays an important role in Cavico Mining. In the future, in accordance with the Vietnamese law, Cavico will make an additional investment into Cavico Mining to gain a higher percentage of ownership" added Mr. Tran.

About Cavico Corp. (OTCBB: CVIC)

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. Headquartered in Hanoi, with 3000 employees at projects worldwide, the company has 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 people.

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 products in new markets and to offer products at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; compliance with laws and regulations of the PRC, 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. 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.

Source: Business Wire

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