HANOI, Vietnam, March 31, 2011 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO) ("Cavico" or the "Company"), a major infrastructure, civil engineering design, and construction conglomerate based in Vietnam, today announced that the board of directors of its wholly owned subsidiary, Cavico Vietnam, has appointed Mr. Tuyen Anh Hoang as its new president, replacing Mr. Thanh Vu Tran.
Prior to joining Cavico, Mr. Hoang, who is 38 years old, served as supervising engineer for Kumagai Gumi, a Japanese contractor and affiliate of Cavico in Vietnam. He was employed by Cavico Vietnam in 2000 as vice deputy of its engineering and project department. He also served in various positions until being appointed as president of Cavico Infrastructure Development, a subsidiary of Cavico, in 2003. Mr. Hoang graduated from Hanoi University of Mining and Geology (HUMG) in 1996 with an engineering degree in the field of mining and underground construction.
"Through his leadership, Mr. Hoang was able to guide and maintain steady growth for Cavico Infrastructure, especially during the years Vietnam experienced an economic crisis," commented Mr. Ha Quang Bui, Chairman and CEO of Cavico Corp. "With his experience, work ethic, and understanding of Cavico's business, I am confident that Mr. Hoang will effectively help us to accomplish our goals of better results and a more efficient system. He is committed to improving shareholder value through active involvement and coordination in Cavico's daily operations."
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, mineral exploration 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. The Company now has three subsidiaries, Cavico Mining (HSX:MCV), Cavico Industry & Mineral (HNX:CMI), and Cavico Construction Manpower & Services ( HNX:CMS ), which are listed in Vietnam on the Ho Chi Minh and Hanoi Stock Exchanges.
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.
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