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HANOI, Vietnam, Jan. 13, 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 Hydropower, has completely broken through the main tunnel at the Dong Nai 4 hydropower project. The tunnel, which Cavico excavated and constructed, is 2.9 miles long and 30.2 feet in diameter.
In 2007, Cavico was appointed by the Vietnamese prime minister to be the lead contractor for tunnel works construction on the Dong Nai 4 hydropower project. The plant, Cavico Hydropower's first awarded tunnel project, contains the widest tunnel in Vietnam and is located in the Bao Lam district of Lam Dong Province. The twin-unit plant will have a 340 MW annual capacity once it becomes operational. Electricity of Vietnam (EVN), a state-owned electricity company, has invested approximately $301 million in the plant. Cavico's contract was valued at $26.6 million at the time of signing.
"We are pleased to achieve this major milestone at the Dong Nai 4 hydropower project," commented Mr. Hai Thanh Tran, vice president of Cavico. "This is one of the country's most critical hydropower projects, and EVN is one of Cavico's most important strategic clients. We are proud of our recent accomplishments, including the completion of the headrace and incline tunnels at the Dong Nai 3 hydropower plant in December, as well as the completion of the headrace tunnel, surge shaft tank, water gates, and crossing bridge at the Song Tranh 2 hydropower plant in the same month. Construction at the Dong Nai 4 plant continues on schedule, and we remain focused on concreting and completing the project in a timely and efficient manner."
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 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.
Vice President and Director
Investor Relations Contact:
RedChip Companies, Inc.
800-733-2447, Ext. 104
407-644-4256, Ext. 104