Videolocity International, Inc. (VCTY) Completes Merger with Avtar Singh Construction Co. (P) Ltd.
HENDERSON, NEVADA — (MARKET WIRE) — 10/19/10 — Videolocity International, Inc. (PINK SHEETS: VCTY) (www.videointernationalcorp.com) has acquired a new subsidiary: Avtar Singh Construction Co. (P) Ltd. (ASCC). VCTY management is excited to announce the successful completion of the merger with a company that offers great potential on the Indian market.
With ASCC merging into VCTY, the VCTY management sees a great potential in the size and revenues that the company subsidiaries offer to VCTY and the shareholders. The total revenues of Tactician University in 2009 reached $6,2 million USD , with profit of $2.4 million USD . Avtar Singh Construction , the largest segment of three sister companies (involved in Road & Highway, Real Estate, Leasing/Financing) reached annual turnover of $3.49 Million USD (The annual turnovers of the 2 sister companies not merged into VCTY reached 2.61 Million and 0.87 Million respectively). The Tactician University and ASCC represent total joint revenues of $9.69 million USD for 2009. Companies of this size, such as VCTY just became, have a greater agility, and more opportunities open for them on the markets as they gain footing. VCTY management hopes the shareholders and the public will appreciate this stunning growth of VCTY in recent months.
ASCC has executed various projects of national importance in India , including construction of national highways. The company recently successfully bid for the contract to complete 70% of the new international airport slated for construction.
VCTY intends to soon undergo a name change to better reflect its new core business.