Cavico Corp. Partnered to Build Infrastructure for Industrial Park and Urban City
LOS ANGELES and HANOI, Vietnam – August 31, 2007 -- Cavico Corp. announced today the formation of Petro Viet Nam – IDICO Industrial Park and Urban Investment Joint Stock Co.
The company was formed by Cavico Corp. along with several investment and strategic partners including Vietnam Petro, Industrial and Urban Development Corporation, and Song Hong Company. The company, which held its first shareholders meeting the day it was formed, was created to develop industrial parks and urban cities and invest in petrol services in Vietnam.
The initial investment in the company by the partners is US $6.25 million. They expect to raise approximately US $60.25 million in financing by 2008.
Petro Viet Nam – Industrial Park and Urban Investment Joint Stock Co. has begun discussion of leasing out land in the industrial park of in Nam Dinh city, located nearly 50 miles south of Hanoi, to manufacturing companies. Construction in Nam Dinh, which will include urban infrastructure construction such as clearing land, building roads, dividing lots for residential housing and developing commercial districts, is expected to take approximately one year. The company also plans to utilize future investment for other petrol services.
Hai Thanh Tran, vice president of Cavico Corp., said, “We are diversifying our focus on developing Vietnam’s energy and hydropower infrastructure to developing industrial parks and urban infrastructure construction. We believe Cavico’s reputation as Vietnam’s premier private construction and engineering firm will help attract the financing and other support needed to make these projects successful and profitable.”
The company’s stock is not currently traded. In order to obtain information about the company and news updates, investors may visit the company website, www.cavicocorp.com or its investor relations website at www.hawkassociates.com/cvcpprofile.aspx.
Cavico is preparing a Form 10 and upon filing will make an application to the OTC-Bulletin Board.
About Cavico Corp.
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.
