Infrastructure Developments Corp. (IDVC) announced today the key statements of the IDVC’s recent business development activities.
- All debt issued to finance the startup of company’s U.S. Navy “Lido” project in Indonesia has been converted to stock as of today’s date except $2,000;
- The Company plans to repay the remaining balance of $39,000 that will become convertible beginning in September 2012 prior to any such conversion;
- The Company is in position now to grow it new businesses with a clean balance sheet and reduced operating losses.
- The Company continues to evaluate the potential acquisition of InterMedia Development Corporation, a media production company and defense contractor based in Fairfax, Virginia. The Company is awaiting audited financial statements from InterMedia as required to proceed with a merger.
- The Company is also in the process of formalizing its relationship with Cleanfield Energy, Inc., with a proposed acquisition plan being currently negotiated and expected to close within the week.
- the Company has been selectively bidding to manage private projects in the booming Thailand construction market, and believes that it will be successful in winning projects that have clear profit margins and no advance funding requirements.
Thomas R. Morgan, the Company’s CEO, stated:
Due to the previous economic downturn, increased competition in our target markets, and military funding reorganization, we were not as successful in procuring government contracts in the past year. However, with the diversification of our business model into the clean energy arena, coupled with the realignment of strategy as it applies to military activities and other Southeast Asian operations, I am hopeful that we will regain our corporate foothold. I look forward to a much improved outlook for the second half of the current fiscal year.
Infrastructure Developments Corp.
299 South Main, 13th Floor
Salt Lake City, Utah 84111
Tel: +1 (801) 488-2006
Fax: +1 (801) 747-6836
Infrastructure Developments Corporation (IDVC) conducts its business through our subsidiary Interspec International, which is headquartered in the United States and focuses on project management in the Middle East, East Asia, and Oceania. Interspec fills an underserved niche in the global project spectrum, targeting specialized projects and subcontracts that are too small to attract the attention of the giant multinational firms but which still require world class engineering expertise. Interspec’s managers have decades of engineering experience, not only in the boardroom but in the hands-on world of managing complex engineering enterprises in difficult political environments and high-threat situations.