HANOI, Vietnam, May 10, 2010 (BUSINESS WIRE) -- Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today provides updates at key construction projects at Ta Trach Reservoir, Dambri Hydropower and A Luoi Hydropower Plants. As discussed further below, Cavico has successfully broken through the diversion tunnel at Ta Trach Reservoir, completed and handed over to project owner of Dambri Hydropower the road construction package - DR-XL 1&2 and completed the vertical shaft of package G61 at the A Luoi Hydropower Plant.
At the Ta Trach reservoir, Cavico has used the New Austrian Tunneling Method (NATM) to excavate and construct a 295 meters long and 17.45 meters high diversion tunnel. The Ta Trach Reservoir is located on the upper part of Huong (Perfume) River in Duong Hoa village, Huong Thuy district, Thua Thien Hue province. Ta Trach Reservoir is the second largest project in the central region of Vietnam and belongs to Hydropower Management No. 5, a part of Ministry of Agriculture and Farming.
For the Dambri Hydropower Plant, Cavico completed the service road that leads traffic from the main road to the construction site and a bridge that is 33 meters long and 7 meters wide. The plant is located 87 miles northeast of Ho Chi Minh City in Da Huoai village, near Da Teh city in Lam Dong province of Vietnam.
The $80 million plant is owned by Southern Hydropower Joint Stock Company and will have 75MW of capacity.
Cavico applied the most modern technology of Robbins 61R to successfully drill a vertical shaft that is 128 meters long and 4.54 diameters wide at the A Luoi Hydropower Plant. The plant, owned by Central Hydropower Joint Stock Co., is located in Thua Thien Hue province, 43 miles west of Hue city and 100 miles northwest of Da Nang city. The plant will have a capacity of 170 MW and is expected to become operational at the end of 2012.
"Our ability to handle these complicated and sophisticated projects once again demonstrates our market leadership position as one of Vietnam's leading contractors. The completion and handing over of the above packages at these critical projects is an important step in the overall construction process for Cavico. Projects are typically done in phases and once a phase has been completed, the owners will inspect and certify the scope and quality of our work and remit payment for that portion of the contract. Cavico has built a solid reputation of providing quality work in a timely manner and our customers depend on us to execute the task at hand in an efficient, timely and safe manner," commented Mr. Hai Thanh Tran, vice president of Cavico.
About Cavico Corp.
Cavico Corp. is focused on large infrastructure projects, which include the construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. Cavico is also making investments in hydropower facilities, cement production plants and urban developments in Vietnam. The company employs more than 3,000 employees on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.
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, ports 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 full-time, part-time, and seasonal workers. For more information, visit http://www.cavicocorp.com.
Information on the Company's Web site or any other Web site does not constitute a portion of this release.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to obtain the necessary financing to continue and expand operations, to market its construction services in new markets and to offer construction services at competitive pricing, the Company's ability to complete projects in the time frame specified; anticipated revenue from the projects to attract and retain management, and to integrate and maintain technical information and management information systems; the effects of currency policies and fluctuations, general economic conditions and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. These statements include, without limitation, statements regarding our ability to prepare the Company for growth; the Company's planned expansions, and predictions and guidance relating to the Company's future financial performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Cavico Corp.
CONTACT: Cavico Corp. Timothy Pham, +1-714-843-5456 Vice President and Director cavicohq@cavico.us or Grayling +1-646-284-9400 Investor Relations Truc Nguyen (ext. 418) Managing Director truc.nguyen@grayling.com or Christopher Chu (ext. 426) Director christopher.chu@grayling.com or Media Relations Ivette Almeida (ext. 455) Managing Director ivette.almeida@grayling.com Copyright Business Wire 2010 -0- KEYWORD: Viet Nam
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