Wednesday, April 06, 2011 12:57:25 PM
Billion Shares: General Corporate Update
HENDERSON, NEVADA, Apr 06, 2011 (MARKETWIRE via COMTEX) -- Videolocity
International, Inc. (VCTY) (http://www.videointernationalcorp.com) allocated
approximately two billion shares for its Chinese hydro company merger which has
now come to a halt, resulting in management returning those shares back to the
treasury.
Following exhaustive negotiations, the two companies were unable to reach
consensus favorable to both parties that would have enabled them to proceed with
the merger. Therefore, approximately two billion shares that were held in escrow
that would have been used to acquire the hydro company will be returned to VCTY's
treasury.
VCTY's strategy to address its deflated share price is to continue with a share
reduction plan, locate a new merger partner and close a new merger on all-cash
basis.
VCTY management believes that a suitably strong merger and/or acquisition would
address the issue of the suppression of VCTY's currently undervalued stock price.
The company is in ongoing discussions with a viable and promising American merger
candidate that's engaged in cloud computing.
As part of the corporate realignment and efforts to breathe new life into VCTY's
share value, the company intends to name new board members and replace its
secretary.
Details of the sale of Avtar Singh Construction Company to Evader, Inc. (EVDR)
and VCTY's position will be made available via a filing on OTC Markets and in
company financials which will be released simultaneously.
Tactician University is currently VCTY's sole subsidiary. Tactician was founded
in 2001 to train 21st century Chinese leaders in business and government
management. It boasts top post-doctoral research and manages 10 institutes in
several provinces through partnerships with reputable Chinese universities. Some
25,000 students have been trained and 10,000 more are enrolled in Tactician
programs.
VCTY looks forward to keeping the investor public updated on a timely basis as
new developments arise.
Trade the technicals, invest the fundamentals
ILUS Provides an Update on the Binding Term Sheet Signed with Actelis Networks (NASDAQ: ASNS) • ILUS • May 31, 2024 12:52 PM
Element79 Gold To Provide Summary and Update on Active Exploration Program, Community Relations at RMEC on June 4 • ELEM • May 30, 2024 1:18 PM
Branded Legacy Secures Exclusive Extraction Partnership with One of the World's Largest Kava Distributors and Producers • BLEG • May 30, 2024 8:30 AM
ECGI Holdings, Inc. Announces $2 Million Debt-to-Equity Conversion • ECGI • May 30, 2024 8:30 AM
North Bay Resources Reports Assays up to >25% Mg, 0.1% Ni, 0.1% Cu, 0.01% Co, 0.3 ppm Pt at Tulameen Platinum Project, British Columbia • NBRI • May 29, 2024 9:03 AM
One World Products, Inc. Issues Shareholder Update • OWPC • May 29, 2024 8:20 AM