Message #2 From:
NewsBot Date: August 22, 2008 10:41:43 AM
CVIC Stock: Cavico Applies Raise Climber and Reaming Technologies with Robbins 61R
Cavico Corp. (“Cavico”
or “the Company”)
(OTC BB: CVIC stock), a leading infrastructure development company in Vietnam,
today announced that the Company’s subsidiary
Cavico Bridge and Underground Construction purchased Robbins 61R, a
state-of-the-art piece of equipment used in hydropower projects, for
$1.1 million.
The Robbins 61R is manufactured by Robbins of USA. It is considered to
be one of the most updated pieces of equipment with the latest
technologies used in the fields of mining, tunneling, and hydropower. It
is capable for both inclined shaft tunnel and vertical shaft tunnel
drilling. Two of its main functions are raise drilling and straight
reaming, which help to make openings for ore passes, ventilation shafts,
surge tanks, and emergency escape routes. Robbins 61R has a pilot drill
bit of 11 inches, reaming drill bit of 72 inches, and reaming hole
diameter of 23.6 inches to 70.9 inches. With the application of this
technology for drilling inclined shaft tunnels, vertical shaft tunnels,
and surge tanks at hydropower projects, the Robbins 61R is capable of
drilling up to 500 feet in a month, compared to present technologies
which require approximately six months time for drilling up to 330 feet
of straight reaming. The use of Robbins 61R reduces the drilling time,
the number of laborers, and also provides increased safety for workers
at the site.
Robbins 61R is the third of its kind in Vietnam and has a listed price
of more than $7 million. Cavico has purchased the rebuilt unit with a
five-year loan from Hoang Mai Agriculture Bank, which provided financing
for 75% of the $1.1 million purchase price.
“We have a long tradition of procuring
branded, high value and state-of-the-art equipment. We continue to focus
on managing our projects in the most efficient manner and on providing
safer working conditions for our laborers. We invest in the latest heavy
machinery and equipment to achieve results that exceed our clients’
expectations,” commented Mr. Hai Thanh Tran,
Vice President of Cavico Corp. “We plan to put
this technology in use to drill the vertical shaft and two surge tanks
at the A Luoi project in central Vietnam. We will also utilize the
Robbins 61R for construction at the Đam’bri,
ĐacMy 4, and Nho Que hydropower plants. We
estimate that the use of Robbins 61R will bring down about 40% of
drilling labor costs. We believe that this technology will further
simplify the drilling process, improve our efficiency on projects, and
optimize Cavico’s labor and time resources
invested in the hydropower projects,” Mr.
Tran said.
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 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.
