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Cavico Announces Financial Results For First Quarter Ended, March 31, 2010

Cavico Corp. (“Cavico”) (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced its audited financial results for the first quarter ended March 31, 2010. Total revenue for the first quarter ended March 31, 2010 increased by $2.7 million, or 23% to $14.6 million from $11.9 million in the first quarter ended March 31, 2009. The Company’s income before interest, depreciation and amortization, income tax and non-controlling interest for the periods ended March 31, 2010 was $864,989.

First Quarter Revenues of 2010 Compared to 2009
  Three Months Ended  
March, 31
    2010   2009   % Change
Civil Construction $10,080,570   $9,968,577 1%
Mining Construction $767,346 - N/A
Commercial Activities   $3,754,390   $1,885,665   99%
Total Revenues $14,602,306 $11,854,242 23%

The financial results for 2010 include Cavico Mining and Construction JCS (“Cavico Mining”), as a result of the purchase agreement consummated on February 11, 2010, in which Cavico now owns 50.24% of the total issued and outstanding shares of Cavico Mining.

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