Cavico Corp (fka CAVO)

[dDT]

CAVO News / Announcement

Cavico Announces Breakthrough at Tunnels of Ta Trach Dam and Hua Na Hydropower Projects
Date : 12/08/2009 @ 8:00AM
Source : Business Wire
Stock : Cavico Corp. (CAVO)
Quote : 5.9 0.0 (0.00%) @ 7:22AM

Cavico Announces Breakthrough at Tunnels of Ta Trach Dam and Hua Na Hydropower Projects

Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its subsidiaries Cavico Mining and Cavico Power and Resource Construction have broken-through two major tunnels at the Ta Trach project and the Hua Na project, respectively.

The Ta Trach project, located in the Hue province began in July 2009 and Cavico Mining has completed approximately 152 meters of tunnel work with diameter of 10.5 meters from outlet to the surge shaft tank. For the next phrase of the dam project, Cavico Mining will dig a tunnel from the surge shaft tank to the intake.

Cavico Power and Resource Construction completed 268 meters of tunnel at the Hua Na Hydropower Plant, in the Nghe An province began from June 2009. The tunnel has a diameter of 10 meters and, in the next phase, Cavico Power and Resource Construction will construct a diversion tunnel and a coffer dam for the upper and lower streams.

“We are pleased with the progress of these project sites,” commented Mr. Hai Thanh Tran, vice president of Cavico Corp. “The north central regions of Vietnam have been heavily affected by flood and storms in the recent months. Nonetheless, our employees have continued to demonstrate their ability to provide our clients with superior quality work and the focus and drive to complete these projects in a timely manner, despite these obstacles.”

About Cavico Corp.

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 3,000 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, the Company’s ability to complete projects in the time frame specified; anticipated revenue from the projects 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.