Cavico Corp (fka CAVO)

[Looking2Retire]

Cavico Corp. Held Special Meeting of Shareholders
HANOI, Vietnam & LOS ANGELES--(BUSINESS WIRE)-- Cavico Corp. (“Cavico” or “the Company”) (OTC BB: CVIC), a leading infrastructure development company in Vietnam, announced that it held its Special Meeting of Shareholders on April 27, 2009, in Huntington Beach, California. At the meeting, shareholders cast 93,535,396 votes totaling 71.4% of the shares outstanding.

At the meeting, Cavico’s shareholders approved a proposal to grant discretionary authority to Cavico’s Board of Directors to effect a reverse stock split of Cavico’s common stock at any whole number ratio between 1 for 20 and 1 for 60 (“Proposal 1”). The Board of Director’s decision whether or not to affect the Reverse Stock Split, and at what whole number ratio, will be based on a number of factors, including market conditions, existing and anticipated trading prices for Cavico’s common stock and the initial listing requirements of the national securities exchanges.

The Company’s shareholders also overwhelmingly approved an amendment to the Company’s Certificate of Incorporation to change the terms of the authorized shares of preferred stock to make the authorized shares “blank check” preferred stock (“Proposal 2”). The shareholders also approved an incentive plan to help the Company attract, retain, and motivate officers, employees, directors, and consultants (“Proposal 3”).

The voting results by percentage for each proposal were:


AS A PERCENTAGE OF 93,535,396 SHARES VOTED

Proposal
Yes
No
Abstain/Broker Non-Vote

Proposal 1 97.7% 2.3% -
Proposal 2 89.3% 10.5% 0.2%
Proposal 3 87.7% 12.1% 0.2%


AS A PERCENTAGE OF 130,997,693 SHARES OUTSTANDING

Proposal
Yes
No
Abstain/Broker Non-Vote

Proposal 1 69.8% 1.6% -
Proposal 2 63.8% 7.5% 0.1%
Proposal 3 62.6% 8.6% 0.2%


About Cavico Corp. (OTCBB: CVIC)

Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. The company employs more than 3000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.

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, ports 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 full-time, part-time, and seasonal workers. For more information, visit http://www.cavicocorp.com. Information on the Company’s Web site or any other Web site does not constitute a portion of this release.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to obtain the necessary financing to continue and expand operations, to market its construction services in new markets and to offer construction services at competitive pricing, to attract and retain management, and to integrate and maintain technical information and management information systems; the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. These statements include, without limitation, statements regarding our ability to prepare the Company for growth, the Company's planned expansions, and predictions and guidance relating to the Company's future financial performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Contacts
Cavico, Corp.
Timothy Pham, 714-843-5456
Vice President and Director
[e-mail]
or
CCG Investor Relations Inc.
Roger Ellis, 310-477-9800
Senior Vice President
[e-mail]
http://www.ccgir.com




Source: Cavico Corp.

View this news release online at:
http://www.businesswire.com/news/home/20090429005665/en