HANOI, Vietnam, Nov. 12, 2010 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO), a leading infrastructure development company based in Vietnam, today announced that it has engaged RedChip Companies, Inc. to lead its public and investor relations efforts.
"We were impressed by RedChip's successful history of increasing visibility for small-cap companies, as well as their strong multimedia platform of products and services," said Mr. Ha Quang Bui , CEO of Cavico. "We look forward to working with RedChip's highly professional team to broaden awareness of Cavico among prospective investors."
"We are excited to have the opportunity to represent Cavico, the first NASDAQ-listed Vietnamese company," said Dave Gentry, President and CEO of RedChip Companies, Inc. "Vietnam's rapid economic development has led to a dramatic increase in infrastructure spending as the nation seeks to strengthen its position in the global economy. Cavico is one of Vietnam's largest engineering and construction contractors and is benefiting directly from Vietnam's growth and strong demand of infrastructure and civil construction activities."
Mr. Gentry continued, "The Vietnamese economy expanded by over 7.0% in the third quarter, and the government recently raised its GDP growth forecast for this year to 6.7% from 6.5%. Part of this growth is from increased government spending on infrastructure, transportation and power development. Cavico is well-positioned to benefit from the growth in the economy and capture a significant share of new public works contracts. The Company has a strong relationship with the Vietnamese government and other construction contractors, as well as a proven ability to execute large-scale infrastructure and construction projects. We plan to launch a comprehensive investor and media relations program to introduce Cavico to our international investor network."
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 has two subsidiaries, Cavico Mining (MCV) and Cavico Industry and Mineral (CMI), 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.