HANOI, Vietnam, April 1, 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 Hydropower, has broken through a second tunnel that connects the water intake gate with an adit sub-tunnel at the Song Giang 2 Hydropower project. The tunnel excavated by Cavico is 3,018 feet long and 8 feet wide.
In January 2009, Cavico was awarded a contract to excavate a 2.8-mile-long headrace tunnel, two sub-tunnels, and a 138-foot-high surge shaft. Cavico expects the Song Giang 2 project to generate approximately $10 million in total revenues for the Company.
The Song Giang 2 hydropower plant is located on the Song Giang River, southwest of Khanh Hoa Province, which is 31 miles from Nha Trang city. Upon completion, the 37-megawatt hydropower plant is expected to generate 141 million kilowatt-hours of electricity annually. The plant will be connected to the national grid to help ease the electricity supply shortage in the country. The Song Giang 2 hydropower plant has a total estimated investment value of approximately $50 million and is considered to be one of the largest hydropower projects in Khanh Hoa Province.
"This second breakthrough represents another critical milestone that will lead to a complete breakthrough for the Song Giang 2 project," commented Mr. Hung Manh Tran, executive vice president of Cavico. "We are excited by the strong progress our teams are making at Song Giang 2 and expect to complete the tunnel construction on schedule."
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 . 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 +1-714-843-5456 firstname.lastname@example.org Investor Relations Contact: Dave Gentry RedChip Companies, Inc. 800-733-2447, Ext. 104 407-644-4256, Ext. 104 email@example.com