SOURCE: Cavico Corporation

April 16, 2007 09:30 ET

Cavico Signs New Contracts Totaling US $3.5 Million for Construction Work on the Daksrong Hydropower Project

Project Work Includes Dam Construction, Tunneling and Pressure Tank Installation

LOS ANGELES,CA and HANOI, VIETNAM -- (MARKET WIRE) -- April 16, 2007 -- Cavico Corporation (PINKSHEETS: CVCP) announced today its two subsidiaries, Energy Construction Joint Stock Company and Cavico Mining & Construction Company, signed contracts valued at US $3.5 million with the Daksrong Hydropower Project on April 3, 2007.

The work, which Cavico estimates will take about 11 months, includes construction of a spillway, dam, intake gates, water channel and pressure tank. Upon completion, the plant will have a power capacity of 18MW with a total investment of US $20 million. The project is located at Kong Chro village, Kong Chro, Gia Lai Province, about 50 miles from Pleiku City. Daksrong Joint Stock Company is the investor for the Daksrong Hydropower Project.

Cavico Corporation is 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. Its subsidiary Cavico Mining & Construction Company is currently listed on the Ho Chi Minh Stock Market under the symbol MCV. For more information about Cavico, please refer to the company's website at: http://www.cavicocorp.com.

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.

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.

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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