Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its majority owned subsidiary, Cavico Construction and Infrastructure Investment JSC has signed a road construction agreement with Korea-based Doosan Heavy Industries & Construction Co., Ltd. for the Noi Bai – Lao Cai Highway. The revenue for the contract for Cavico is $2.1 million. According to the terms of the agreement, Cavico will construct a 3 kilometer long road base and drainage for the Noi Bai – Lao Cai Highway Project Package A6. Cavico’s scope of work will be to excavate 700,000 cubic meters and refill 550,000 cubic meters of earth needed for the road base and drainage for the highway. Cavico expects to complete its portion of the project in 20 months. Doosan Heavy Industries was awarded Package A6, a 40 kilometer-long section which stretches from An Thinh village to Chau Que Thuong village, Van Yen province. The total value of this project is approximately USD$140 million. This section of the highway will meet the requirements for speeds up to 80 kilometer per hour, with 4 lanes for regular traffic and 2 emergency lanes and a middle divider. In addition, the section will have 18 bridges with a total length of 1,982 meters that is to be constructed, with one service station and one bus station. The Noi Bai – Lao Cai Highway project is owned by Vietnam Expressway Corporation, which is part of the Department of Transportation. The highway will be 260 kilometers long with a required capital investment of USD$1.3 billion. This project is close to the northern part of country and is one of the nationally critical projects that is aimed on strengthening overall Vietnamese-Chinese cooperation, focused on improving the economic conditions in this region. “We are very happy to be associated with a project that is critical to the economic development of this region,” commented Mr. Hai Thanh Tran, vice president of Cavico. “We are confident that we will complete this project in a timely manner and hope to win more contracts associated with the Noi Bai – Lao Cai Highway project.”
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 and urban developments in Vietnam. The company employs more than 3,500 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia. 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 3,500 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.