HANOI, Vietnam, Nov. 16, 2010 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO), a leading infrastructure development company based in Vietnam, today announced that its subsidiary, Cavico Industry and Minerals JSC (HNX:CMI) ("Cavico Minerals"), has received a Business License from the Ministry of Interior and an Investment License from the Ministry of Planning and Investment of Laos. Cavico Minerals will operate from a representative office in Vientiane. Earlier this year, Cavico Minerals signed an exclusive distributor agreement with Castrol BP Petco to distribute Castrol BP's products in Laos and is expected to generate approximately US$3 million in revenue in the first year from the distribution activities. Founded in March 2007 as a subsidiary of Cavico Corp., Cavico Minerals' main business focus is mineral exploration and processing. To date, Cavico Minerals has received the license to explore and process calcium carbonate (CaCO3) at Thung San Mine, which is located on 20 hectares of land and has reserves of approximately 4.22 million cubic meters of marble and 12.15 million tons of calcium carbonate. Cavico Minerals is authorized to extract 88,600 cubic meters of marble and 255,000 tons of calcium carbonate per year for the next 30 years. Cavico Minerals also plans to build a calcium carbonate processing plant with the capacity to process 70,000 tons of calcium carbonate per year. The plant will be built on three hectares of land and located in the Nam Cam industry zone. "We are pleased to have received an investment and business license from Laos, an important neighbor with great growth potential," commented Mr. Hai Thanh Tran, vice president of Cavico Corp. and Chairman of the Board of Cavico Minerals. "Obtaining these licenses is a critical first step that will allow Cavico access to future opportunities in a growing market with a promising future. Laos, similar to Vietnam, is in need of infrastructure development in order to fuel its growth, and Cavico can leverage its experience and knowledge in order to expand its core business in this country, as well as identify new business opportunities."
Cavico Minerals is currently listed on Hanoi Stock Exchange under ticker symbol: HNX: CMI.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, mineral exploration 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. The Company has two subsidiaries, Cavico Mining (MCV) and Cavico Industry and Mineral (CMI), which are listed in Vietnam on the Ho Chi Minh and Hanoi Stock Exchanges. 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.
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