HANOI, Vietnam, Nov. 18, 2010 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO), a major infrastructure construction, infrastructure investment, and natural resources conglomerate based in Vietnam, today announced that its subsidiary, Cavico Infrastructure, has signed Phase I of a construction contract with Tay Nguyen Mineral Exploitation Company, a subsidiary of East North Company of Vietnam's Ministry of Defense. Under the terms of the agreement, Cavico Infrastructure will excavate and remove dirt and rocks at Dong Giao Coal Mine for the remainder of 2010.
Dong Giao Coal Mine is located at Tam Diep Village in Ninh Binh Province in northern Vietnam. The mine has estimated coal reserves of one million cubic meters. A total of 10 million cubic meters of dirt and rocks must be excavated and removed in multiple stages. Cavico Infrastructure expects to be awarded the remaining project stages at this mine, with a total construction contract value of $11 million.
"We are very pleased to be awarded Phase I of this dirt and rock excavation and removal work at Dong Giao Coal Mine," stated Mr. Hai Thanh Tran, vice president of Cavico Corp. "As soon as the agreement was made, we started the process of transporting equipment and personnel to this site to begin the construction work. We believe that with our skilled labor force and modern equipment, we will successfully complete this first phase quickly and efficiently and possibly gain larger additional contracts at this mine as a result."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, mineral exploration, 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. The Company has two subsidiaries, Cavico Mining (HSX:MCV), and Cavico Minerals & Industry (HNX:CMI), which are listed in Vietnam on the Ho Chi Minh and Hanoi Stock Exchanges. 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 multinational 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.
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