IDVC 0.0120 NEWS ALERT:
Friday, December 02 2011 10:55 AM, EST Infrastructure Developments Pursues Acquisition of U.S. Military Contractor GlobeNewswire "Press Releases"
SALT LAKE CITY , Dec. 2, 2011 (GLOBE NEWSWIRE) -- Infrastructure Developments Corp. (OTCBB:IDVC) announced today that it is seeking to acquire InterMedia Development Corporation , a media production company and defense contractor based in Fairfax, Virginia . On December 1, 2011 the companies signed a letter of intent to effect the acquisition, which is expected to close at the beginning of next year.
The acquisition is anticipated to bring additional depth to IDVC's operations as InterMedia is positioned with highly-qualified personnel that will provide IDVC's offering with high-level, specialized media and technical training which is a cornerstone to U.S. Department of Defense training programs worldwide.
"Our track record for providing world-class training facilities for the U.S. military is well established," said IDVC's chief executive officer, Thomas R. Morgan , who himself has years of expertise in media and broadcast engineering. "With the addition of InterMedia's operations, IDVC will be able to offer a full spectrum of consolidated systems training including both facilities and material; this will put us in a stronger position to seize the opportunities that exist in the domestic and overseas military market."
For over 15 years InterMedia has supported Naval Air Systems Command, Special Operations Command, Central Command and the U.S. Marine Corps in the areas of video production, broadcast engineering, studio system design, audio-video network engineering, integration and test support, pre-deployment training and documentation.
"We quickly realized we had the potential to become a much larger organization," said Joel Ratner , InterMedia's chief executive officer, "but we were faced with either building that corporate infrastructure, or merging our capabilities with a company that already had the resources we need. IDVC seems a perfect match [for the latter]."
"This synergetic relationship will couple our expertise, governmental contracting experience, and access to public capital with InterMedia's strong operational history and unique qualifications," said Mr. Morgan . "We expect to give InterMedia a substantial boost to its existing operations, at the same time winning more facilities construction bids and increasing IDVC's shareholder value."
In 2010, InterMedia added Avionics Systems Design and Testing, and Information Assurance Certification Support to its capabilities, branding the resulting methodology as "IA4" and founding the IA4 workgroup to explore cost-effective ways to provide 100% security solutions for communications-based computers and networks. InterMedia now has the capability to support a project from inception and design, through integration, test, certification, training and lifecycle sustainment.
In 2011, InterMedia added electronic publishing and learning management system development to support clients interested in interactive eBook and online training platforms.
About Infrastructure Developments :
IDVC is an engineering and construction services company that services an underserved niche in the global project management spectrum, targeting specialized projects and subcontracts that are too small to attract giant multinational firms, but which still require world class engineering expertise. IDVC is also expanding its operations domestically, including compressed natural gas (CNG) vehicle conversion and refueling infrastructure.
Forward-Looking Statements:
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 acquisition of InterMedia as a subsidiary, our ability to procure design and management projects, competitive market conditions, and our prospects for securing additional sources of financing as required. The actual results that IDVC may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. IDVC encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-Q and Form 10-K. IDVC's public filings may be viewed at
www.sec.gov.
CONTACT: Infrastructure Developments Corp. Thomas Morgan , CEO 801.488.2006 trmorgan@idvcinc.com www.idvcinc.com InterMedia Development Corporation Joel Ratner , CEO 800.944.0777 joel@idc-tv.com www.idc-tv.com
Source: Infrastucture Developments Corp.
