Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its consolidated subsidiary, Cavico Industry and Minerals JSC (“Cavico Minerals”), formerly known as Cavico Stone and Minerals JSC, has received approval to register its shares on the Hanoi Stock Exchange under ticker symbol: HNX: CMI. Cavico Minerals registered 4.7 million of previously-issued common shares with a par value of 10,000 VND, which is the equivalent to USD $0.55 per share. The company does not anticipate selling or buying any of Cavico Minerals’ shares at this time. On May 19, 2010 Cavico Minerals also signed an exclusive distributor agreement with Castrol BP Petco to distribute Castrol BP’s products in Laos. Cavico Minerals expects to generate approximately USD $3 million in revenue in the first year from the distribution activities. Castrol BP established a presence in the Vietnamese market since 1989 focused on oil & gas exploration and production, production and distribution of lubricants and supplying crude oil to local refineries. The Company also has investments in Vietnam’s growing power industry. Founded in March 2007 as a subsidiary of Cavico Corp., Cavico Minerals’ main business focus is mineral exploration and processing. Cavico Minerals has received the license to explore and process white stones (CaCO3) at Thung San Mine, in Thung San village, Nghe An province. The Thung San mine is located on 20 hectares of land and has approximately 4.22 million cubic meters of marble and 12.15 million tons of calcium carbonate. Cavico Minerals will be authorized to extract 88.6 thousand cubic meter of marble and 255 thousand tons of calcium carbonate per year for the next 30 years. Cavico Minerals also plans to build a calcium carbonate processing plant in the Nam Cam industry zone. The plant will be built on three hectares of land and have the capacity to process 70,000 tons of calcium carbonate per year.
“Registering its shares on the Hanoi Stock Exchange will provide Cavico Industry and Minerals an opportunity to access the capital markets, if needed, to grow its business and above all demonstrate its commitment to improving the liquidity of its shares,” stated Mr. Hai Thanh Tran, vice president of Cavico Corp. and chairman of Cavico Minerals. “By leveraging our resources within Cavico’s group of companies and our overall experience, specifically in mining, Cavico Minerals will be able to take advantage of the excellent opportunities that lie ahead and escalate production from the current mining assets and expand our efforts into new growth prospects. Furthermore, many of Cavico Minerals’ management team has been in the distribution market for many years and has enjoyed a good standing relationship with Castrol BP Petco, therefore, we are very pleased with the announcement of this cooperation.”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 3,000 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 3,000 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.