Cavico Corp (fka CAVO)

[98point6NY]

Cavico Corp. Partners to Form Aircraft Leasing Company in Vietnam


VALC to Purchase 12 Boeing 787 Dreamliners, 20 Airbus A321s


LOS ANGELES and HANOI, Vietnam – October 17, 2007 -- Cavico Corp. announced today the formation of Vietnam Aircraft Leasing Joint Stock Company (VALC) to purchase aircraft that will be leased to domestic and regional airlines in Vietnam. VALC seeks to lessen the country’s dependency on international airlines by increasing the number of aircraft owned by a Vietnamese company. The joint stock company will also invest in air transportation and airport services.

Cavico’s partners in VALC include the Bank for Investment and Development of Vietnam (BIDV), Petro Vietnam and Vietnam Airlines. The joint stock company was created with an initial investment of US $200 million and expects investments by the partners of up to US $1 billion through 2025.

Through its partner Vietnam Airlines, VALC has signed a contract with Boeing to purchase 12 Boeing 787 Dreamliners to serve Vietnam’s rapidly growing air travel industry. On behalf of VALC, Vietnam Airlines also has signed a principal contract to purchase 20 Airbus A321-200s.

Hai Thanh Tran, vice president of Cavico Corp., said, "As a leader in developing Vietnam's energy and hydropower infrastructure, Cavico is benefiting from the country’s brisk economic strides. Cavico has begun to explore other rapidly growing areas of development in Vietnam and recently invested in the development of industrial hubs and urban infrastructure construction. Now we believe Cavico's reputation will help attract the financing needed to break into the aviation industry, which is burgeoning in Vietnam and throughout the Southeast Asia."

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, http://www.cavicocorp.com or its investor relations website at http://www.hawkassociates.com/cvcpprofile.aspx.

Cavico is preparing a Form 10 and upon filing will make an application to the OTC-Bulletin Board.