SALT LAKE CITY, UT / ACCESSWIRE / May 28, 2014 / Infrastructure Developments Corp. (OTCPink: IDVC) (the "Company" or "IDVC") wishes to clarify certain important activities that are taking place in the Company.
The Company filed a Definitive Information Statement on Form 14C DEF on May 22, 2104, stating that a majority of shareholders consented in writing to amend the Company's Articles of Incorporation (the "Amendment"). The Information Statement describes the shareholder-approved Amendment which will increase the number of authorized shares of the Company’s common stock from 500,000,000 to 3,000,000,000 shares.
The Amendment will become effective upon filing with the Nevada Secretary of State, which can occur no earlier than twenty calendar days after the filing and dissemination of the Information Statement. The dissemination of the Information Statement to all shareholders of record is taking place during the week of May 26, 2014. However, there are no stockholder dissenters' or appraisal rights, or vote required, in connection with any of the matters discussed in the Information Statement.
The increase in the number of authorized shares will allow IDVC to complete the acquisition of Orbis Real Estate ("Orbis") in Dubai, as per the agreement signed in April 2014 that calls for the issuance of 160,000,000 shares of IDVC common stock in return for ownership of the Orbis business. Both the Company and Orbis have met all commitments made in the agreement, and the business of Orbis should be formally merged into IDVC as soon the Amendment becomes effective in mid June 2014.
The Company is also involved in discussions with another foreign entity that owns an operating business that is attractive to IDVC. Negotiations are underway for an acquisition, but are at an early stage where no further information is appropriate to disclose.
IDVC is still contracted to manage the Clark Free Zone area residential project in the Philippines, and is waiting for the developer to obtain institutional finance approval to start the project.
The Company is still pursuing its marketing efforts for Wing Houses in the U.S., Saudi Arabia, the Philippines, Thailand, and other countries. The Company sees good opportunities in the market for Wing Houses and project management contracts in the Philippines now that the U.S. military is actively involved in shifting and deployment of assets to the Philippines under new security agreements.
IDVC is in discussion with the holder of 9,000,000 of its preferred shares that are convertible to up to 450,000,000 shares of common stock at the holder’s option. While it is likely that the holder will convert the preferred shares to common stock in the near future, the holder is and will continue to be an insider affiliate and strong supporter of the Company.
IDVC has been receiving many inquiries from small institutional investors and investor relations firms that are offering to engage in awareness campaigns for the Company. However, many of the proposals involve some sort of aged debt conversion scheme, and the Company is rejecting such offers as inappropriate. However, the Company recognizes the need for investor awareness, and will engage in traditional awareness campaigns in the near future as activity inside the Company increases.
"Dilution of the Company’s common stock will take place due to the actions we are taking," stated CEO Eric Montandon. "It is a necessary and normal course of events for a small company that is expanding by acquisition and making efforts to clear its balance sheet of unknown factors. We do not take stock issuances lightly, and we have been in serious talks with our preferred shareholder about the planned conversion to common stock for more than one year. We do not expect any of these issuances to have any significant effect on our public float in the near future. We also see no reason to action any forward or reverse split of our common stock."
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including the Company's development, mergers and acquisitions, competitive market conditions, and its prospects for securing additional sources of financing as required. The actual results that the Company may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. The Company encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-Q and Form 10-K. The Company's public filings may be viewed at www.sec.gov.
Infrastructure Developments Corp.
CEO and Director
SOURCE: Infrastructure Developments Corp.