HANOI, Vietnam--(Business Wire)--
Cavico Corporation (OTC BB: CVIC) ("Cavico" or "the Company"), a
leading infrastructure development company in Vietnam, today announced
that Cavico Mineral Exploitation is expanding construction and
exploring for additional deposits at the Thung San mine. Cavico
Mineral Exploitation is an entity formed by the two wholly owned
Cavico subsidiaries, Cavico Tunnel and Cavico Hydropower.
The Thung San mine, situated on 20 hectares of land in Quy Hop
district, Nghe An province, has 20 million tons of limestone reserves
that are expected to last for 25 years according to the current
exploiting schedule. Currently Cavico is constructing access roads and
storage sites around the mine. At the present Cavico Mineral
Exploitation is selling an average of approximately 12,000 tons of
limestone per month.
Generally limestone is manufactured into a fine powder of calcium
carbonate which is used in manufacturing of plastics, rubber, paint,
cement, mortar, paper and agricultural feeds and fertilizers.
Limestone is a rare natural resource in Vietnam. In 2005 and 2006,
Nghe An province has exported 125,668 tons, or $17.5 million worth, of
limestone. The limestone can be exported to Japan, the European Union,
China, and India.
Commenting on the status of the road construction, Mr. Hai Thanh
Tran, Vice President of Cavico stated, "We plan to complete
construction of the access roads soon so that the equipment can be
easily transported to the site increasing production and
productivity." Mr. Tran added, "Cavico Mineral Exploitation remains
committed to providing high-quality products to fulfill domestic sales
and anticipates expanding sales to Japan, Taiwan, Korea, and Middle
East region."
About Cavico Corp. (OTCBB: CVIC)
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. Headquartered in Hanoi, with 3000
employees at projects worldwide, the Company has 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 people.
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
products in new markets and to offer products at competitive pricing,
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. 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.
Cavico Corp.
Timothy Pham, 714-838-5456
Vice President and Director
Cavicohq@cavico.us
or
Investor Relations:
CCG Investor Relations
Roger Ellis, 310-231-8600
Senior Vice President
Copyright Business Wire 2008
