Cavico Awarded Engineering, Procurement and Construction Contract at Dak Sin Hydropower Plant

HANOI, Vietnam--(BUSINESS WIRE)--Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that the joint operations of Cavico – COMA – Song Da, has signed an Engineering, Procurement, and Construction (EPC) contract with VRG – Dak Nong (VRG - Dak Nong Joint Stock Company) with a total value of $30.2 million. Cavico, the leader of the joint operation, expects its portion of the total revenue to be worth $18 million.

“Cavico is happy to be selected as the leader and main contractor for this EPC construction project at Dak Sin’s hydropower plant. Our team looks forward to working with two of Vietnam’s leading and highly experienced contractors, COMA and Song Da, on this project”

For this project, Cavico will be responsible for constructing the main dam, a spillway dam, an overpass bridge, a water-intake portal, a headrace tunnel, a water diversion tunnel, a coffer dam, a vertical surge sharp tank and the service roads of the construction site. Cavico expects to complete its scope of work in 27 months. COMA will be responsible for purchasing the material and supplies, as well as the mechanical installation associated with the construction site and Song Da will be responsible for the overall design of the hydropower plant.

The Dak Sin hydropower plant is located near the Dak Sin stream, off the Dong Nai River, which is south of Dak Nong Province, just north of Ho Chi Minh City. The twin-unit plant is owned by Vietnam Rubber Group (VRG) – Dak Nong Joint Stock Company, a member of Vietnam Rubber Group. The hydropower plant will have a capacity of 28.4 Megawatts upon completion.

“Cavico is happy to be selected as the leader and main contractor for this EPC construction project at Dak Sin’s hydropower plant. Our team looks forward to working with two of Vietnam’s leading and highly experienced contractors, COMA and Song Da, on this project,” comments Mr. Hai Thanh Tran. “We are confident in our ability to successfully coordinate the scope of work with our partners and complete this project with the highest quality and in a timely and efficient manner.”

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.