Vietnam-Based Cavico Corporation Makes History as First US Traded Vietnamese Public Company
Infrastructure Construction and Engineering Company Lists Its Shares on the US Over the Counter Market
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LOS ANGELES, CA and HANOI, VIETNAM, Jun 22, 2006 (MARKET WIRE via COMTEX) -- Cavico Corporation (PINKSHEETS: CVCP), a Vietnamese company working in the fields of infrastructure development, including the construction of hydropower facilities, dams, bridges, roads and urban buildings throughout Vietnam and the Pacific Rim, began trading on the US Over the Counter market in May. Cavico is the first Vietnam-based company to list its stock in the US.
"This is truly a historic event for Cavico and for Vietnam," stated Bui Quang Ha, Chief Executive Officer of Cavico. "We are excited about the tremendous growth opportunities for Cavico in the construction of critical infrastructure in Vietnam and elsewhere throughout the Asia Pacific region."
Cavico has begun the process of auditing the company's financials to comply with US accounting standards in preparation for applying to list its stock on a senior US exchange in the future. "Our initial listing on the Pink Sheets will give us time to familiarize ourselves with the US markets and gain a solid understanding of the capital system here." He added, "We believe we have the revenues and asset base necessary for a listing on a senior exchange in the US. The company and its advisors are working on a growth strategy that will help us reach this goal quickly, while paying meticulous attention to the details that will expedite the transition."
Cavico has emerged as a major beneficiary of Vietnam's infrastructure construction boom. The company's recent stock listing in the US is a key element in the company's strategy to access international capital markets in support of its rapid growth. The company has received initial commitments for immediate and future funding from a US institutional investor.
More information about Cavico is available on the company's website at:
http://www.cavicovn.com.
About Cavico Corporation
Cavico (
http://www.cavicovn.com), founded in 2000, is a major infrastructure construction, infrastructure investment, and natural resources conglomerate headquartered in Hanoi, Vietnam. The company is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, 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 often include top multi-national corporations as well as government organizations. The company currently employs more than 3,000 people.
Vietnam's transition to a market economy has generated rapid economic growth. The country's impending ascension to the World Trade Organization is likely to provide an additional boost to economic growth and a further acceleration in the country's current infrastructure construction boom. The aggressive development of Vietnam's energy, transportation, and urban infrastructure is absolutely essential to the country's ability to compete internationally, and this aggressive build-out is creating huge growth opportunities for infrastructure construction companies such as Cavico.
"Safe-Harbor" Statement
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Cavico Corporation to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and Cavico Corporation assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products and services, inability to deliver products and services when promised, inability of potential customers to pay for ordered products and services, and political and economic risks inherent in international trade.
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