Cavico Partners With Petro Vietnam to Form the Sao Mai – Ben Dinh Company to Invest in Petroleum Servicesadmin
April 30, 2007 Filed Under: Oil and Gas
Cavico Corporation announced that on April 24th, 2007 it formed a partnership with Petro Vietnam, Vinalines, Petro Vietnam Insurance Co., Petro Vietnam Financial Co. and Global Petro Joint Stock Bank to invest in the expanding petroleum services and shipping industry within Vietnam.
Sao Mai – Ben Dinh will develop an economic zone consisting of ports, shipping, container storage, machine assembly, petroleum transportation and repair and maintenance facilities. It is expected that the port will support ships up to 100,000 tons in capacity.
“Cavico plans to create a strong relationship with our partners in the Sao Mai – Ben Dinh venture,” stated Mr. Ha Quang Bui, CEO of Cavico Corporation. “The petroleum industry in Vietnam is experiencing tremendous growth and we intend to provide services that our partners need to meet increasing demand.” He added, “Vietnam is growing very rapidly and there are enormous opportunities for growth through investment into the areas that will benefit most from economic expansion. Cavico intends to continue investing and adding value to the company for its shareholders and employees.”
Sao Mai – Ben Dinh plans to raise an initial US $31.25 million to fund the venture. Investment into the project will increase rapidly, with US $130 million of additional capital in 2007, reaching US $796 million by 2013. Cavico will contribute its share of the capital from its operational profits and will continue to look to diversify its investments into other high-growth industries and sectors within Vietnam.
About Cavico Corporation
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 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. For more information, visit http://www.cavicocorp.com.
A profile for investors can be accessed at http://www.hawkassociates.com/cvcpprofile.aspx.
For investor relations questions, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: email@example.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com. Investors can also contact Mark Moline at (760) 458-4899, e-mail: firstname.lastname@example.org.
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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Cavico Corporation Investor Relations Hawk Associates, Inc. Frank N. Hawkins, Jr. (305) 451-1888
Media and Communications Cinapsys, Inc. Mark Moline (760) 458-4899
For Cavico Corporation Timothy Pham (714) 843-5456
Source: Cavico Corporation