Cavico Announces Second Tunnel Breakthrough At A Luoi Hydropower Project
HANOI, Vietnam, Dec. 27, 2010 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO) ("Cavico" or the "Company"), a major infrastructure construction, infrastructure investment, and natural resources conglomerate based in Vietnam, today announced that its subsidiary, Cavico Bridge and Tunnel, has broken through a second sub-tunnel at the A Luoi Hydropower project. Cavico excavated approximately 1.8 miles underground between two sub-tunnels
The A Luoi Hydropower plant is built on the A Sap River, located in Thua Thien Hue Province in central Vietnam. The plant is owned by the Central Hydropower Joint Stock Co., a Vietnam-based company engaged in hydropower generation. The 170-megawatt capacity hydropower plant is expected to generate approximately 686 million kilowatt-hours of energy annually for the region.
In July 2007, Cavico was awarded a contract to excavate the tunnel as well as four sub-tunnels, a surge tank, a vertical shaft, and a service access road. The Company broke through the first sub-tunnel in August. Cavico expects the A Luoi project to generate $53 million in total revenues for the Company. The headrace tunnel is 7 miles long and 3 miles wide and is considered the longest and most sophisticated tunnel to be constructed in Vietnam."We are pleased to achieve another breakthrough on the A Luoi Hydropower project," commented Mr. Hai Thanh Tran, vice president of Cavico. "Our efficient, highly skilled team continues to deliver top-quality work on this complex project. We remain focused on completing this project in the safest and most timely manner to generate the highest possible gross profit for our shareholders." 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 now has three subsidiaries, Cavico Mining (HSX:MCV), Cavico Industry & Mineral (HNX:CMI), and Cavico Construction Manpower & Services ( HNX: CMS), 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 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.
CONTACT: Cavico Corp. Timothy Pham, Vice President and Director +1-714-843-5456 email@example.com RedChip Companies, Inc. Investor Relations Contact: Dave Gentry 800-733-2447, Ext. 104 407-644-4256, Ext. 104 firstname.lastname@example.org
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