Cavico Signs Surface Layer Removal Contract at Thach Khe Iron Ore Mine

Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its subsidiary, Cavico Energy, has signed a contract with Transportation and Construction JSC (Mitraco), a subsidiary of Ha Tinh Minerals and Trading Corporation, to remove the surface layer of dirt and rocks at Thach Khe Iron Ore Mine.

Cavico will excavate and remove 1.5 million cubic meters of dirt and rocks, construct a temporary access road and clear and level the construction service area. The project is expected to be completed within fifteen months.

Thach Khe Iron Ore Mine is considered to be one of the most important national iron ore mine projects in Vietnam. The 544-million ton reserve project is located in Thach Ha village, in the Ha Tinh province in northern Vietnam close to Hanoi. According the overall scheme and design of this project, there is a total of approximately 13 million cubic meters of surface dirt, common earth and rocks that is needed to be excavated and removed.

"Cavico is pleased to have been awarded this initial contract from Transportation and Construction JSC," comments Mr. Hai Thanh Tran, vice president of Cavico Corp. "However, it is only a fraction of the overall surface needed to be removed from the site associated to with this project. We believe that with our skilled labor and modern equipment, we are confident that with continued dialogue the existing scope of work on this site will increase in time."

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.

SOURCE: Cavico Corp.

Cavico Corp. 
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