HANOI, Vietnam, Jan. 11, 2011 (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 signed a construction contract with Ha Long Coal, a subsidiary of Vietnam National Coal and Minerals Industries Group ("Vinacomin"), a top state-owned mining company, for the Bac Coc Sau coal mine project in Quang Ninh Province. The cost-adjustable contract is valued at approximately $2 million.
Under the terms of the contract, Cavico will excavate a transport tunnel at 328 feet below sea level and a cross tunnel with a total length of 0.55 miles. Cavico will also excavate dirt and rocks on 129 to 172 square feet of land at different geographic ground elevation levels around the tunnel area. The Company expects to complete the contract in 13 months. Revenue will be recognized in stages as Cavico completes each phase of the project.
"We are very pleased to be awarded this contract at the Bac Coc Sau coal mine, our first contract of 2011," commented Mr. Hai Thanh Tran, vice president of Cavico. "Cavico has a longstanding, close working relationship with Vinacomin through our construction contract at the Nui Beo coal mine, also in Quang Ninh. Vinacomin's desire to engage us for additional projects reflects our track record of delivering high-quality work in a timely manner and puts us in a strong position to secure additional revenues at this mine and other mines owned by Vinacomin."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.
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