Cavico Subsidiaries To Streamline Management Structure
LOS ANGELES & HANOI, Vietnam--(BUSINESS WIRE)--Cavico Corp. ("Cavico" or "the Company") (OTCBB:CVIC), a leading infrastructure development company in Vietnam, today announced that the Company's wholly owned subsidiary Cavico Vietnam and majority-owned subsidiary Cavico Bridge and Tunnel Construction ("Cavico Bridge"), have made several changes to the management structure as a part of their leadership restructuring process, effective October 6, 2008.
Mr. Hai Thanh Tran replaced Mr. Ha Quang Bui as chairman of the Board of Directors of Cavico Vietnam. Mr. Ha Quang Bui, who is the chairman and chief executive officer of Cavico Corp., will continue to serve on Cavico Vietnam's Board of Directors.
Mr. Phuc Minh Pham replaced Mr. Hai Thanh Tran as chief executive officer of Cavico Vietnam and will no longer serve as president of Cavico Bridge in order to focus exclusively on his CEO position. Mr. Toan Minh Dang was appointed as President of Cavico Bridge, replacing Mr. Phuc Minh Pham.
Mr. Hung Manh Tran, executive vice president of Cavico Corp., will no longer serve as vice president of Cavico Vietnam, but will continue to serve as a member of Cavico Vietnam's Board of Directors.
Mr. Ha Quang Bui, Mr. Hai Thanh Tran and Mr. Hung Manh Tran still retain their respective positions at Cavico Corp. The above management changes only impact Cavico Corp.'s subsidiaries, Cavico Vietnam and Cavico Bridge.
"We have carefully studied the corporate structure and have begun to implement a thoughtful leadership transition to optimize the roles of our top management team and eliminate some dual roles within Cavico Corp. and its underlying subsidiaries. These management changes do not impact the corporate management structure of Cavico Corp. We believe this realignment of the corporate management structure will enable Cavico Vietnam to focus on the vision of its new management. Cavico Vietnam and Cavico Bridge will be able to focus its attention on achieving the goals of exceeding customer expectations, competing successfully in a changing marketplace and being best prepared to capture future growth opportunities," commented Mr. Ha Quang Bui, chairman and chief executive officer of Cavico Corp. "These leaders have played a significant role in our success and we look forward to their increased contribution in delivering long-term profitable growth to our shareholders."
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 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 hire a highly qualified CFO, 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.
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