SOURCE: Cavico Corporation

November 16, 2006 09:15 ET

Cavico Mining & Construction Authorized to List on Ho Chi Minh City Securities Trading Center

Fifty Percent Owned Subsidiary Is the First Vietnamese Exchange Listing for Cavico Corporation

LOS ANGELES, CA, and HANOI, VIETNAM -- (MARKET WIRE) -- November 16, 2006 -- Cavico Corporation (PINKSHEETS: CVCP), a Vietnamese company working in the fields of infrastructure development, including the construction of hydropower facilities, dams, bridges, roads, mines and urban buildings throughout Vietnam and the Pacific Rim, announced today the State Securities Commission of Vietnam has authorized the company's 50% owned subsidiary, Cavico Mining & Construction Joint Stock Company (CVCM, JSC), to list its shares on Ho Chi Minh City Securities Trading Center, the Vietnamese stock exchange.

"The listing of Cavico Mining & Construction shares on the Ho Chi Minh exchange should add immediate value to both Cavico Mining & Construction and Cavico Corporation, which owns 50% of the shares," commented Cavico Corporation Chairman and CEO Ha Quang Bui. "Cavico Mining is Cavico Corporation's first subsidiary to list its shares on the Vietnam stock exchange. This listing will allow Cavico Mining & Construction to raise capital to further its business objectives, which potentially includes owning and operating a coal mining project of its own." He added, "Cavico has plans to list additional subsidiaries on the Vietnamese exchange in the future."

The Vietnamese government issued approval #74/UBCK-GPNY, giving CVCM, JSC the ability to list its shares on the exchange. CVCM, JSC is listing 3,100,000 common shares at a par value of 10,000 dong (US $0.625 equivalent), for a total value of 31,000,000,000 dong (US $1,937,500). However, the actual offering price at closing may differ from its par value due to the high level of public interest in CVCM, JSC.

CVCM, JSC's head office is located at: Phong 122, Toa nha CT5 Khu do thi My Dình - Me Tri, Duong Pham Hung, xa My Dinh, huyen Tu Liem, Thanh pho Ha Noi, Viet Nam.

The company's projects include earth mucking and hauling at the Nui Beo Mining (Quang Ninh) project, Cua Dat hydropower project (Thanh Hoa), and Da Vi Bridge located at the Tuyen Quang hydropower plant (Tuyen Quang). Cavico Mining & Construction also plans to construct the headrace tunnel for Nam Chien hydropower plant (Son La).

About Cavico Corporation

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 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 people. For more information, visit http://www.cavicocorp.com.

A profile for investors can be accessed at http://www.hawkassociates.com/cvcpprofile.aspx.

For investor relations questions, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com. Investors can also contact Mark Moline at (760) 458-4899, e-mail: mark@cinapsys.com.

Safe-Harbor Statement

This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Cavico Corporation to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and Cavico Corporation assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products and services, inability to deliver products and services when promised, inability of potential customers to pay for ordered products and services, and political and economic risks inherent in international trade.

Contact Information

  • Contacts:

    Cavico Corporation Investor Relations
    Hawk Associates, Inc.
    Frank N. Hawkins, Jr.
    (305) 451-1888
    Email Contact

    Media and Communications
    Cinapsys, Inc.
    Mark Moline
    (760) 458-4899
    Email Contact

    For Cavico Corporation
    Timothy Pham
    (714) 843-5456
    Email Contact