Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its majority-owned subsidiary, Cavico Construction and Infrastructure JSC (Cavico Infrastructure) has signed a contract with Binh Thuan Minerals and Building Materials JSC for construction work at the Nui Tao Stone Mine. The expected revenue value of contract is $12 million. Cavico Infrastructure will extract and process the stone from the Nui Tao Stone Mine, and then market the stones to customers in Vietnam. The mine is located in Phuoc The village, in the Binh Thuan province in southern central Vietnam. According to the terms of the eight and a half year agreement, Cavico will extract and process approximately 1.5 million cubic meters of block stone, widely used in construction, in an area located on 30,000 square meters of land. Nui Tao Stone Mine is owned by Binh Thuan Minerals and Building Materials JSC. The mine is located on 76,852 square meters of land and has 3.7 million cubic meters of stone reserve. Binh Thuan Minerals is licensed to extract 133,334 cubic meters of stone per year. “There is a great deal of demand for construction stones in this province,” stated Mr. Hai Thanh Tran, vice president of Cavico Corp. “In particular, there are several critical projects that have been approved by Vietnam’s Prime Minister within this region that require construction stones, such as projects for Vietnam’s largest thermoelectricity generating company, worth $6.1 billion. In addition, this region has ports which will transport general products throughout the country. Cavico’s ability to apply its knowledge of the region and identify growth opportunities as well as leverage its highly skilled labor force, will allow it to build its portfolio of projects in the Binh Thuan province in the future. We plan to continue our dialogue with developers in the region on additional construction contracts and opportunities to help further develop this growing and promising area.”
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.