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Cavico Corporation Begins Auditing Process in Preparation for Application to List Its Shares on a Senior Exchange
Los Angeles, CA and Hanoi, Vietnam, July 28, 2006 -- a company working in the fields of infrastructure development, including the construction of hydropower facilities, dams, bridges, roads, mines and urban buildings throughout Vietnam and the Pacific Rim, has begun the process of auditing its financial statements. In a recent trip to Cavico Headquarters in Vietnam, a representative from Jaspers & Hall, PC, an auditing firm registered with the Public Company Accounting Oversight Board (PCAOB) to perform audits for fully-reporting publicly traded companies, met with Cavico's executive officers to outline the steps necessary to complete a U.S. GAAP audit in preparation for listing the company's shares on a senior exchange in the U.S.
"Cavico has begun the audit process and has laid out a timeline for completing the audits, in order to become fully-reporting with the Securities and Exchange Commission (SEC) and apply for listing on one of the major exchanges," stated Timothy Pham, Assistant Secretary for Cavico Corporation. "I have met with representatives from both the NASDAQ and the NYSE to discuss the listing requirements of these exchanges. In both cases, I believe Cavico already meets the criteria for listing on either NYSE-ARCA or NASDAQ Global Market. However, first we must complete the audit process, which is an essential pre-requisite for listing."
More information about Cavico is available on the company's website at: www.cavicocorp.com.
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Notice, that's a PR from July of '06 a friend recently contacted the company who's doing their audit and discovered that the audit's already done and the decision to release it or not is strictly up to the company. His account of the convo is listed below:
I've noticed some pessimistic discussions about the CVCP audit delay and thought I would pass along this information to a few investors who would keep it to themselves.
I hesitated to pass on this information because, although the CPA did not say anything that I consider inside information, I feel that what he told me was somewhat between he and I. I also do not want people to buy based on this information. It's possible that the audit will never be released since it's up to management to file the SEC forms.
Also, I would not want to get the CPA in trouble or put his career in jeopardy. I am a CPA and have been in his position in years past.
So here's the story:
In response to a IV PM I rec'd from a fellow investor, I called Jaspers and Hall in Denver on Monday, March 26. I introduced myself to the receptionist and asked her if they were Cavico's auditors. She answered that "Yes they were". With my fingers crossed, I then asked her if it would be possible if I talked to the partner on the job. After a slight hesitation she asked me to hold on.
I didn't get to the partner but a Senior on the job, Vince Johnson, got on the phone. I introduced myself as a Cavico shareholder and a CPA. I should say that a Senior accountant is a supervisory position who is under a partner but also supervises the junior accountants. I was a senior at Touche Ross & Co back in the '70s so I know he was a knowledgeable person to talk to about the audit.
I asked him if the audit was going well. He told me that the audit was basically complete and that the numbers were in the hands of Cavico management being reviewed. He said he had made 2 trips to Vietnam and that the flights were about 19 hours long.
Without any question from me he stated the Cavico was a good company and growing fast. He also stated that they expected to turn in the numbers on April 7th. I didn't press him on what "turn in the numbers" meant. In fact I didn't press him on anything. He easily offered up the information above.
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Now I don't know if the results of the audit will favor the company or not or if they plan on releasing the results anytime soon, but the playing the peaks and valleys on this stock has been fruitful in the meantime.
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