SOURCE: Cavico Corporation

February 09, 2007 10:00 ET

Cavico Corporation Marks the Official Breakthrough of the Buon Kuop Hydropower Project Tunnel

Remaining Concrete Work Valued at Approximately US $12.36M

LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- February 9, 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 Viet Nam and the Pacific Rim, announced today that it has officially marked its tunnel breakthrough at the Buon Kuop Hydropower Project. Cavico will now focus on completing the concrete finish work for the tunnel, which is valued at approximately US $12.36 million over the next two years. Cavico expects to receive approximately US $6 million during fiscal 2007 and the remainder in 2008.

The tunnel, which Cavico began in December 2003, is nearly 2,967 meters long and 8.2 meters wide. Cavico and the project's main contractor, Vinaconex, are working together to complete the remainder of the project.

Cavico Corporation's Vice President, Tran Thanh Hai, said, "We are pleased that we finished the tunnel on schedule. Our partners are satisfied with our work and our teams are completing our projects quickly and efficiently." He added, "It is important to keep our assets deployed at maximum capacity, as there is a tremendous amount of work to be done and a large backlog of projects demanding our attention. Upon final completion of Buon Kuop, we plan to deploy the personnel and equipment from this project to our A Luoi project in central Viet Nam."

The Buon Kuop project has been valued at approximately US $290 million. The construction presents the most complicated geological conditions of any current infrastructure project in Viet Nam. The tunnel works are also the most extensive of any hydropower facility currently in development. Cavico was chosen for this project because it has demonstrated its ability to complete challenging engineering projects within budget and on time.

Cavico Corporation released photos of the breakthrough ceremony, which may be viewed at https://www.cvcpmore.aspx.

About Cavico Corporation

Founded in 2000, Cavico is a major infrastructure construction, infrastructure investment and natural resources conglomerate headquartered in Hanoi, Viet Nam. 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