Cavico Corporation Awarded Construction Contracts Valued at US $55.4 M for A Luoi Hydropower Project
LOS ANGELES, Calif. and HANOI, Vietnam – July 20, 2007 -- Cavico Corporation announced today it has begun work on the longest most sophisticated tunnel in Vietnam as part of the A Luoi Hydropower project. Cavico was awarded two contracts as part of the project. The total value of the A Luoi Hydropower plant is estimated at US $202.1 million, with Cavico’s contracts valued at US $55.4 million. Cavico will receive payments periodically after reaching designated stages of completion.
Cavico estimates the projects, which call for a headrace tunnel and surge tank, approximately seven miles or 11,637.5 meters in length, with a width of 13 to 19 feet, or five to six meters, will take 40 months to complete.
CEO of Cavico Vietnam, Hai Thanh Tran, said, “The contract to build the longest, most complicated tunnel in Vietnam reaffirms Cavico’s reputation as Vietnam’s premier private construction and engineering firm. We are honored that we have been awarded these contracts and expect to complete this project on a timely basis, within budget. We look forward to securing additional contracts for the benefit of our shareholders.”
The A Luoi Hydropower plant, owned by Central Hydropower Joint Stock Co., is located in Thua Thien Hue province, 43 miles west of Hue city and 100 miles northwest of Da Nang city. The plant, which will have a 170 MW capacity, is expected to become operational at the end of 2010.
To view pictures of the groundbreaking ceremony and contract signing, visit www.hawkassociates.com/cvcpmore.aspx.
Due to Cavico’s recent filing of Form 12-J with the Securities and Exchange Commission, stock market profiles and quotes are no longer accessible under the ticker symbol CVCP. In order to obtain information about the company and updates on its news, investors can visit the company website, www.cavicocorp.com or its investor relations website at www.hawkassociates.com/cvcpprofile.aspx.
Cavico’s stock will remain non-trading while a new Form 10 registration statement is prepared and filed with the SEC. Once the Form 10 is approved, the company expects to commence trading on the OTC Bulletin Board.
On June 13, 2007 the SEC announced a two-week suspension in the trading of Cavico Corp.'s common stock because the pre-merger company Laminaire Corp. (n/k/a Cavico Corp.) has not filed the required periodic reports with the Commission. In addition, the SEC issued a public administrative proceeding against Laminaire Corp. (n/k/a Cavico Corp.) to determine whether the registration of each class of securities should be revoked or suspended for up to 12 months. Subsequently, the company filed Form 12-J with the SEC to withdraw its trading on the Pink Sheets and is in the process of preparing a new Form 10 registration statement for trading on the OTC Bulletin Board.
About Cavico Corporation
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 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 www.cavicocorp.com.
A profile for investors can be accessed at www.hawkassociates.com/cvcpprofile.aspx.
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