SOURCE: Cavico Corporation

July 28, 2006 09:00 ET

Cavico Corporation Begins Auditing Process in Preparation for Application to List Its Shares on a Senior Exchange

LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- July 28, 2006 -- Cavico Corporation (PINKSHEETS: CVCP), a 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, has begun the process of auditing its financial statements. In a recent trip to Cavico Headquarters in Vietnam, a representative from Jaspers & Hall, PC, an auditing firm registered with the Public Company Accounting Oversight Board (PCAOB) to perform audits for fully-reporting publicly traded companies, met with Cavico's executive officers to outline the steps necessary to complete a U.S. GAAP audit in preparation for listing the company's shares on a senior exchange in the U.S.

"Cavico has begun the audit process and has laid out a timeline for completing the audits, in order to become fully-reporting with the Securities and Exchange Commission (SEC) and apply for listing on one of the major exchanges," stated Timothy Pham, Assistant Secretary for Cavico Corporation. "I have met with representatives from both the NASDAQ and the NYSE to discuss the listing requirements of these exchanges. In both cases, I believe Cavico already meets the criteria for listing on either NYSE-ARCA or NASDAQ Global Market. However, first we must complete the audit process, which is an essential pre-requisite for listing."

For more information about Cavico, please refer to the company's website at: http://www.cavicocorp.com.

About Cavico Corporation

Cavico (www.cavicocorp.com), founded in 2000, is a major infrastructure construction, infrastructure investment, and natural resources conglomerate headquartered in Hanoi, Vietnam. The company 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 often include top multi-national corporations as well as government organizations. The company currently employs more than 3,000 people.

Vietnam's transition to a market economy has generated rapid economic growth. The country's impending ascension to the World Trade Organization is likely to provide an additional boost to economic growth and a further acceleration in the country's current infrastructure construction boom. The aggressive development of Vietnam's energy, transportation, and urban infrastructure is absolutely essential to the country's ability to compete internationally, and this aggressive build-out is creating huge growth opportunities for infrastructure construction companies such as Cavico.

"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:

    For Cavico Corporation:

    Timothy Pham
    Phone: 714-843-5456
    Email: Email Contact

    Cavico Corporation Investor Relations:

    Cinapsys, Inc.
    Mark Moline
    Phone: 760-458-4899
    Email: Email Contact