HANOI, Vietnam, May 2, 2011 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO) ("Cavico" or the "Company"), a major infrastructure, civil engineering, design and construction conglomerate based in Vietnam, today announced that Mr. Hoang Anh Tuyen, Chief Operating Officer of Cavico Vietnam, its wholly owned subsidiary, will attend the 44th Annual Meeting of the Board of Governors of the Asian Development Bank ("ADB"), which will be held in Hanoi from May 3-6, 2011.
Cavico was officially invited to attend the conference by Mr. Vo Hong Phuc, Vietnam's Minister of Planning and Investment. Mr. Hoang will attend the Vietnam Business Summit on May 3 at the conference. The summit will include discussions about socioeconomic investment opportunities in Vietnam related to infrastructure, energy and water quality.
The ADB is an international development finance institution whose mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Vietnam is a founding member of the ADB and is currently one of the largest recipients of resources from the ADB's Asian Development Fund ("ADF"), with a projected ADF allocation of $736 million for 2011–2012.
More than 3,000 representatives from 70 different countries are expected to attend the ADB's annual meeting. The event will include 19 presentations focused on Asia's capital and financial markets in the post-economic crisis environment, the region's role in global economic growth, and private investment into Asia's infrastructure.
"We are very pleased to attend this prestigious conference," stated Mr. Hoang Anh Tuyen, CEO of Cavico Vietnam. "As a major player in Vietnam's continued infrastructure development, we believe this event is an ideal opportunity to showcase Cavico's growth potential and capabilities to domestic and foreign companies as well as investors."
For more information about the annual meeting, please visit http://www.adb2011.vn.
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, mineral exploration 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. The Company now has three subsidiaries, Cavico Mining (HSX:MCV), Cavico Industry & Mineral (HNX:CMI), and Cavico Construction Manpower & Services (HNX: CMS), which are listed in Vietnam on the Ho Chi Minh and Hanoi Stock Exchanges.
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.