Cavico Tower Begins Construction of the High-Tech APEX Tower
2008-07-25 15:58:01 -
- Cavico Corporation (OTC BB: CVIC) ("Cavico" or "the Company"), a leading infrastructure development company in Vietnam, today announced that Cavico Tower, the Company's wholly owned subsidiary, has commenced construction of the APEX Tower.
The APEX tower, which was designed by RDC Design, upon completion will be a 27-story tower covering 14,960 square feet of land on Pham Hung Street, Tu Liem district in Hanoi. The state-of-the-art tower will consist of three floors for parking, eight elevators, and three stairways. Cavico plans to occupy seven floors of the tower for its headquarters and subsidiary offices and lease the remaining 20 floors of the tower. The APEX Tower is located near the National Convention Center, which hosted the APEC 14 (Asia Pacific Economic Cooperation). Tu Liem district is one of the growing districts of Hanoi. Currently several large-scale projects are being constructed in this area, which also attracts domestic and international investors.
Cavico Tower has finished setting foundation piling for the APEX Tower. The next step will be completing three levels of basement which will be use primarily for parking. Cavico Tower has entered into a contract with a foundation construction contractor, Delta, and ACH to be an engineering supervisor, to carry out the work. Cavico Tower plans to invest a total of approximately $12.5 million and it expects annual revenues over $3 million from the tower.
"We are happy to report that Cavico Tower has begun construction of the high-tech APEX tower," commented Mr. Hai Thanh Tran, Vice President of Cavico. "We are pleased with the process and expect to fully complete the construction in 2010. Besides providing our own office space need, we believe our tower will meeting the demand of office space in Hanoi area."
About Cavico Corp. (OTCBB: CVIC)
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. Headquartered in Hanoi, with 3000 employees at projects worldwide, the Company has 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 people.
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 products in new markets and to offer products at competitive pricing, 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. 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.
Cavico Corp.
Timothy Pham, 714-838-5456
Vice President and Director
Cavicohq@cavico.us
or
Investor Relations:
CCG Investor Relations
Roger Ellis, 310-231-8600
Senior Vice President
roger.ellis@ccgir.com
