SOURCE: Cavico Corporation

June 08, 2007 09:30 ET

Cavico Corporation Appoints Three New Directors and Elects Edward K. Chi to Position of CFO and Vice President

Company Nearing Completion of Financial Audits, Taking Additional Steps to Position Itself for Transparency and Oversight

LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - June 8, 2007) - Cavico Corporation (PINKSHEETS: CVCP) announced today that in its Board meeting held on May 21st, 2007, the company appointed three new Board Members and elected Mr. Edward K. Chi to the position of CFO and Vice President of Cavico Corporation.

Mr. Chi's distinguished career spans over two decades of direct involvement in the development of Vietnam as an emerging economic power. He has been directly involved in over US $200M in construction development and consulting projects within Vietnam and over US $120M in China. Mr. Chi has served as a General Director, Managing Director and Project Manager involved in projects including: complex structuring of financial transactions, negotiation of multi-million dollar equipment leasing agreements, legal consulting for infrastructure development projects and consulting with foreign multi-national corporations looking to enter the Vietnamese market. Mr. Chi holds a US passport as well as a Vietnamese passport.

"Mr. Chi is a tremendous addition to the Cavico management team," commented Mr. Ha Quang Bui, CEO of Cavico Corporation. "Cavico is in the final stages of completing its audits and is intent on creating a transparent organization that meets the stringent reporting requirements of the senior US exchanges. To this end we are appointing additional Directors and a new CFO to assist the company with the transition to a reporting entity under US Securities and Exchange Commission regulations." He added, "We are also actively seeking an outside Director from the US to oversee the audit committee and have several extremely qualified candidates considering the position. We feel that Cavico will benefit from the oversight of a US Director with experience in international business and finance."

The three new Board members are: Mr. Thanh Binh Huynh, Mr. Tuan Duong Hoang and Mr. Timothy Dac Pham. Mr. Huynh will head the Compensation Committee, Mr. Hoang will head the Nominating Committee and Mr. Pham will sit as a Director. Mr. Huynh has over 25 years of experience in International business, having served as a consultant for Qualcomm, is past President of the Vietnam Joint Stock Construction Company and has advised US lawmakers on developing trade relationships with Vietnam. Mr. Huynh is also a US passport holder. Mr. Hoang holds a PhD in applied mathematics and currently is a professor of Electrical Engineering and Telecommunications at the University of South Wales, Sydney, Australia. Mr. Hoang was also a professor in Electrical and Computer Engineering at Toyota Technological Institute, Nagoya, Japan. Mr. Hoang is fluent in Vietnamese, Russian, English and Japanese. Mr. Pham has served as an Executive Vice President of Cavico for the past year, having assisted the company with its merger and transition to a US publicly traded entity.

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. In order to receive free e-mail notification of future releases for this company, sign up at http://www.hawkassociates.com/email.aspx.

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.

U.S. Office:
17011 Beach Blvd.
Suite 1230
Huntington Beach, CA 92647
Phone: (714) 843-5456
Fax: (714) 843-5451

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