updated 5/10/2011 9:15:57 AM ET 2011-05-10T13:15:57

HANOI, Vietnam, May 10, 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 its subsidiary, Cavico Construction Manpower & Services Joint Stock Company ("Cavico CMS"), has assisted in breaking through the right-side tunnel at the Algeria East-West Highway project's T1-Camp4 ("T1") section. The completed excavation was 1.19 miles long and 31.17 feet wide. Cavico CMS will now begin excavation of the left-side tunnel, which it expects to complete in September 2012, with the final handover to the project owner by March 2013.

The East-West Highway is a major 746-mile highway construction project spanning Algeria from the Moroccan border to the Tunisian border. With 6 lanes, 22 intersections, 11 tunnels, and 55 overpasses, it is believed to be one of the largest public works projects in the world. In September 2006, the Consortium Japonais Pour L'Autoroute Algerienne ("COJAAL"), a joint venture comprising five of Japan's largest construction companies (Itochu, Kajima, Taisei, Hazama and Nishimatsu), signed a design-build contract for the 248-mile eastern section of the highway from the border of Tunisia to Eltaf City, Algeria.

In July 2007, COJAAL awarded Cavico CMS a $2.4 million contract to supply skilled workers to work on its section of the East-West Highway project. Cavico CMS has since deployed about 500 workers to the project site and is being paid monthly based on completion of work and hours contributed by its employees. 

Cavico CMS is currently performing construction work on several hydropower projects in Vietnam and is also actively seeking to provide skilled workers for infrastructure projects in other countries such as Malaysia, India and Mongolia.

"We are very pleased with this milestone, which was completed in line with COJAAL's expectations," commented Mr. Hung Manh Tran, Executive Vice President of Cavico. "As evidenced by their work on the East-West Highway project, our talented workers have proven their ability to provide full construction services that meet global standards."

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.

CONTACT: Cavico Corp.
         Timothy Pham
         Vice President and Director
         Investor Relations Contact:
         Dave Gentry
         RedChip Companies, Inc.
         800-733-2447, Ext. 104
         407-644-4256, Ext. 104

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