Cavico Corporation Subsidiary Cavico Mining Awarded Construction Contract Valued at US $20.5M
LOS ANGELES and HANOI, Vietnam – July 31, 2007 -- Cavico Corporation announced today its subsidiary, Cavico Mining, which Cavico Corp. maintains 50% of ownership of, and which is currently listed on the Ho Chi Minh Stock Exchange in Vietnam, has signed an agreement valued at US $20.5 million to build an access road and a 1.6 kilometer tunnel for the Nho Que 3 hydropower plant, which is valued at approximately US $137.5 million.
Cavico Mining will receive an advance of 5% of the contract value before commencing with the project. The remainder of the money will be paid to Cavico periodically after it reaches designated stages of completion.
The Nho Que 3 plant is located in the Ha Giang province near the Nho Que river, about 200 miles North of Hanoi. The 108 MW-capacity plant is owned by BITEXCO, a private entity who invests and owns a variety of projects and sectors.
CEO of Cavico Vietnam, Hai Thanh Tran, said, “The signing of this agreement further reaffirms Cavico’s reputation as Vietnam’s premier private construction and engineering firm. We have started the work on the access road. We expect to complete this project on time and within budget, bringing the plant into operation by the end of 2009.”
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.
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.
For investor relations questions, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com, or visit www.americanmicrocaps.com or www.hawkassociates.com. In order to receive free e-mail notification of future releases for this company, sign up at www.hawkassociates.com/email.aspx.
AI
