SOURCE: Cavico Corporation

February 07, 2007 10:00 ET

Cavico Corporation Achieves Tunnel Breakthrough at the Ban Ve Hydropower Project

Company Expects to Generate Approximately US $6.6 Million for Concrete Finish Work on the Tunnel Interior

LOS ANGELES CA and HANOI, VIETNAM -- (MARKET WIRE) -- February 7, 2007 -- 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, today announced that it has achieved a breakthrough of the tunnel at the Ban Ve Hydropower project. The work was completed by Cavico Transportation, a 100 percent owned subsidiary of Cavico Corporation.

Cavico expects to generate approximately US $6.6 million upon finish smoothing of the tunnel's concrete works. When all tunnel work at Ban Ve is completed, equipment and personnel will be transported to Huoi Quang hydropower plant which is owned by EVN. "Our goal is to complete each project in an efficient and timely manner, then re-deploy our assets to the next project without any delay so as to maximize our resources," commented Pham Dinh Son, Chief of Planning for Cavico Corporation.

The Ban Ve project, located in Nghe An province, is a hydropower project generating 320 Mega Watts of power. Total investment into the project is estimated at 5,921 billion VND (US $394.70 million). This is one of the primary projects for EVN (Electricity of Viet Nam), following regulation 797, 400 of the Vietnamese government. Cavico has estimated that its portion of the total contract is valued at approximately US $20 million.

For more information about Cavico, please refer to the company's website at:

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

A profile for investors can be accessed at

For investor relations questions, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail:, or visit or Investors can also contact Mark Moline at (760) 458-4899, e-mail:

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