Cavico Enters Second Quarter 2011 With Multiple New Contract Negotiations
HANOI, Vietnam, March 24, 2011 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO) ("Cavico" or the "Company"), a major infrastructure civil engineering design and construction conglomerate based in Vietnam, today announced that its subsidiary, Cavico Infrastructure, is negotiating for several new contracts as the Company begins the second quarter of 2011. Cavico expects the total value of these contracts to be approximately $6 million.
Cavico is negotiating to supply 10.6 million cubic feet of various types of construction stones to Vinh Tan Thermopower Plant. The value of this contract is approximately $2.5 million.
Vinh Tan Thermopower Plant is located in Tuy Phong District, Binh Thuan Province. As planned, Vinh Tan Thermopower Center has total investment capital of about $6.1 billion, including three power plants and one seaport with a total designed capacity of 4,400 MW, producing about 28.6 billion KWh per year.Cavico is negotiating with Tay Nguyen Mineral Exploitation Company, a subsidiary of East North Company of Vietnam's Ministry of Defense, for Phase II of a construction contract to excavate and remove dirt and rocks at Dong Giao Coal Mine. The value of this contract is roughly $2 million. In November 2010, Cavico was awarded Phase I of a construction contract at this mine. Dong Giao Coal Mine is located at Tam Diep Village in Ninh Binh Province in northern Vietnam. The mine has estimated coal reserves of 35.3 million cubic feet. A total of 353.1 million cubic feet of dirt and rocks must be excavated and removed in multiple stages. Cavico has also entered negotiations with Tay Nguyen Mineral Exploitation Company to provide construction services for Dak Nong Ecological Dam in Dak Nong Province. The value of this contract is approximately $1.5 million. "Cavico is a reputable contractor that possesses many years of experience in the construction sector in Vietnam," commented Mr. Hung Manh Tran, executive vice president of Cavico. "We also employ a highly skilled work force and a fleet of modern machines. Therefore, we are very confident that we will be awarded these contracts. We will continue to regularly update the investment community regarding these and other new contracts."
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