Cavico Awarded Additional Contract at Ta Trach Water Reservoir Valued at $18.5 Million
Cavico Corp. (“Cavico” or “the Company”) (OTCBB:CVIC), a leading infrastructure development company in Vietnam, today announced that the Vietnam Ministry of Agriculture and Rural Development has awarded Cavico Vietnam, the Company’s wholly owned subsidiary, an additional contract valued at $18.5 million at the Ta Trach water reservoir project. Cavico Vietnam will construct an inlet tunnel for diversion of construction and flood discharge.
The Ta Trach reservoir is located on the upper part of Huong (Perfume) River in Duong Hoa village, Huong Thuy district, Thua Thien Hue province. In July 2008, Cavico was awarded a $3.4 million contract to construct the main dam, which will be 1,112 meters in length, 56 meters high and eight meters wide. In addition to the main dam, Cavico will also construct four sub dams totaling 660 meters in length and an overflow dam with six releasing gates. With the addition of the new contract to construct an inlet tunnel, the total value of the project managed by Cavico Vietnam will be $21.9 million.
“Cavico has a very strong presence in the heavy construction space including construction of dams and hydropower plants, which requires use of advanced skills and engineering,” commented Mr. Phuc Minh Pham, chief executive officer of Cavico Vietnam. “We intend to assign the construction work to Cavico Mining and our other subsidiaries. We expect to successfully complete the project by the end of 2009 and hand it over to the Ta Trach water reservoir project management team. “
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. The company employs more than 3000 employees on projects worldwide, with 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. For more information, visit http://www.cavicocorp.com. Information on the Company’s Web site or any other Web site does not constitute a portion of this release.
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 hire a highly qualified CFO, obtain the necessary financing to continue and expand operations, to market its construction services in new markets and to offer construction services at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; 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. These statements include, without limitation, statements regarding our ability to prepare the Company for growth, the Company’s planned expansions, and predictions and guidance relating to the Company’s future financial performance. 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.