Cavico Corp. (“Cavico” or “the Company”) (OTC BB: CVIC), a leading infrastructure development company in Vietnam, today announced that Cavico Transportation, its wholly owned subsidiary, has officially received permission from Lam Dong province”s People C
In October of this year Cavico received approval from the officials of Lam Dong province to study and evaluate different areas in the province for possible wind farms. The province will use the results of these studies as part of its windpower planning. For its contribution to the studies, Cavico is given a priority to invest and participate in windpower projects in the province according to its financial capability.
For a few years Cavico”s management team has researched and identified a few potential sites for wind farm development along the country. And it has been found that the coastal areas of southern and south-central Vietnam, where the proposed site is located, show exceptional promise for wind energy.
In this first phase, Cavico is studying the construction of a 30 megawatt (MW) wind farm, which will connect to the national grid upon completion. The feasibility study at the site is expected to be completed over a period of one year and will involve collection of wind data and detailed analysis to determine the scope and size of the wind turbines. Prior to the completion of the study, Cavico plans to begin construction of connecting roads and other site preparations.
According to the Asian Development Bank (ADB), Vietnam’s demand for electricity is growing at a rate of 16% each year. The growth and development of Vietnam is dependent on its ability to keep up with the growing energy demand. Cavico”s strategic decision to enter into wind energy projects has therefore received encouragement from the Vietnamese government.
“We are very pleased to announce our entry into the wind energy market. We believe it is the best time to enter this market because the Vietnamese government encourages investment and construction of clean energy projects and also considers providing special assistance and incentives on similar projects. Vietnam has more than 2,025 miles of coastline, which is very promising for wind energy development,” commented Mr. Hung Manh Tran, executive vice president of Cavico. “This is the first wind farm project in the central western region of Vietnam. This environment-friendly project will be a great contribution in addressing the electricity shortage problems faced by Vietnam,” Mr. Tran added.
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. The company employs more than 3000 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 people. For more information, visit 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 enter into the wind energy market, 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, 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