Cavico Corp (fka CAVO)

[98point6NY]

Cavico Signs New Contract Totaling US $1.1M for Additional Construction Work on the Daksrong Hydropower Project
Market Wire - May 30, 2007 9:30 AM ET


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Cavico Corporation (PINKSHEETS: CVCP) announced today its two subsidiaries, Energy Construction Joint Stock Company and Cavico Mining & Construction Company, have signed an additional contract to execute further construction work on the Daksrong Hydropower plant project. The works include: Package number 18 to build the power plant, spillway, and 110KV Power Station. The total value of the project is estimated at US $1.1M and will be completed within 12 months.

This is the third package that has been assigned for this joint venture. Two previous packages (15 & 16) were signed with a total value of US $3.5 million. The Daksrong Hydropower plant is owned by the Daksrong Joint Stock Company. The plant will have 18MW of capacity upon completion and a total investment value estimated at US $20M. The plant is located at Kong Chro village, Gia Lai province, 50 miles from Pleiku City.

At present, all the preparation works have been evaluated and processed by the mentioned subsidiaries. Cavico expects to deliver this project within the delineated timelines to the project's owner, Daksrong Joint Stock Company.

Cavico Corporation is 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. Its subsidiary Cavico Mining & Construction Company is currently listed on the Ho Chi Minh Stock Market under the symbol MCV. For more information about Cavico, please refer to the company's website at: http://www.cavicocorp.com.

About Cavico Corporation