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Cavico Appoints Philip Bolles As Chief Financial Officer

HANOI, Vietnam, Jan. 24, 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 Philip Bolles has been named Chief Financial Officer, effective immediately. Mr. Bolles is familiar with Cavico and its businesses from serving as an independent director on Cavico's Board of Directors and its Audit, Compensation, and Nominating committees. He has resigned from the Board of Directors to assume the role of CFO.

Mr. Bolles will replace June Kim, who resigned as the Company's Chief Financial Officer for personal reasons unrelated to the Company. Ms. Kim will continue to serve the Company as a consultant, her role at Cavico prior to being appointed CFO.

Prior to joining Cavico, Mr. Bolles was a managing consultant at the San Diego-based Global Commercial Strategies Group, where he provided SEC and GAAP financial reporting advisory and compliance services to public companies in the software development, construction, and pharmaceutical industries. From 2007 to 2008, he also served as CFO of Retail Pro, Inc., a retail software company based in La Jolla, California, where he corrected previous financial reporting compliance issues and significantly improved cash flow from operations. From 1989 to 1992, he was Executive Director and CFO of William R. Kennedy & Associates, a consulting firm serving international clients. He graduated with honors from the University of San Diego with a Bachelor of Science degree in Accounting and was licensed as a Certified Public Accountant in California.

"Philip brings more than forty years of financial experience to his new role as the Company's Chief Financial Officer. His hands-on knowledge and understanding of accounting and finance, as well as his prior experience working with international companies, will greatly benefit Cavico. I believe he will quickly make positive contributions in his new role," commented Ha Quang Bui, Chairman and Chief Executive Officer of Cavico Corp. "We expect Phil to work closely with our accountants in Vietnam and our auditors in the United States to refine the quality of our financial reports."

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