SOURCE: Cavico Corporation

March 13, 2007 09:15 ET

Cavico Issued Land Usage Permit for Cavico Tower

LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- March 13, 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 been issued a land usage permit from Hanoi People's Committee to build a 27-story high-rise tower in what will be the future financial district of Hanoi. Total investment in construction is expected to be approximately US $12.5 million.

The issuance of Land Usage Permit No. AD 493593 is the first step towards construction of the Cavico tower on the 1,389 square meter (nearly 15,000 square foot) parcel located at Pham Hung Street, My Dinh, Hanoi, Vietnam. Cavico intends to begin construction at the end of the first quarter of 2007 and expects the tower to be complete by year-end 2008.

Upon completion, Cavico will move its headquarters and subsidiaries into the tower. Company officials estimate Cavico will occupy seven floors and lease the remaining 20 floors at market rates. At current market rates, Cavico values annual lease income from the tower at approximately US $2.4 million.

The planned tower will be approximately 400 meters (1,312 feet) from the Vietnam National Conference Center, where the Asian Pacific Economic Conference (APEC) was held in 2006. This will be the future financial district of Hanoi, capital of Vietnam. Cavico Tower will be designed by RDC Design Worldwide Co., Ltd, a Singapore-based firm.

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 about Cavico, please refer to the company's website,

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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:

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

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