Cavico Awarded $7.75 Million Tunnel Construction Contract for Song Giang 1 Hydropower Plant

Cavico Corp. (Nasdaq:CAVO) ("Cavico" or the "Company"), a major infrastructure construction, infrastructure investment, and natural resources conglomerate based in Vietnam, today announced that its subsidiary, Cavico Hydropower Construction, has signed a tunnel construction contract with Song Giang Hydropower Joint Stock Company for the Song Giang 1 hydropower plant in Khanh Vinh District, in central Vietnam's Khanh Hoa Province. The cost-adjustable contract is valued at approximately $7.75 million.

The twin-unit plant, which is located 31 miles from Nha Trang city, will have a 24-MW annual capacity once it becomes operational. Song Giang Hydropower Joint Stock Company expects to invest a total of $23.2 million in the plant.

Under the terms of the contract, Cavico will excavate and construct a total of 11,500 feet of 10.5-foot-wide tunnels and a 131-foot-high surge tank that will measure 30.2 feet in diameter. Revenue will be recognized in stages as Cavico completes each phase of the project.

"We are very pleased to announce our second contract of 2011," commented Mr. Hai Thanh Tran, vice president of Cavico. "This is the largest hydropower project in Khanh Hoa Province. In 2011 Cavico expects to be awarded many more tunnel construction projects as well as other civil and infrastructure construction projects throughout Vietnam. We are very confident that we will maintain our strong position in this sector due to our modern fleet of equipment and our skilled, experienced labor force."

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.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Cavico Corp.

CONTACT: Cavico Corp. Timothy Pham Vice President and Director +1-714-843-5456 This email address is being protected from spambots. You need JavaScript enabled to view it. Investor Relations Contact: Dave Gentry RedChip Companies, Inc. 800-733-2447, Ext. 104 407-644-4256, Ext. 104 This email address is being protected from spambots. You need JavaScript enabled to view it.

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