boywonder1. I see your powers of deductive reasoning are really strong today. Did Batman not teach you anything? That's a very important thing to consider about yourself when reading the rest of this message!
Here's the entire PR again from the company. Remember now, the bit that says that they are expecting to close a tie up deal by the end of the week and the other part saying they are now completing their due diligence looking at the financials on Intermedia. Golly, why hasn't the SEC investigated yet? Any ideas or suggestions as to why? Maybe because your post is hopelessly misinformed, inaccurate and well shows you haven't read :
SALT LAKE CITY, May 29, 2012 (GlobeNewswire via COMTEX) -- Infrastructure Developments Corp. (OTCBB:IDVC) (the "Company") wishes to clarify certain considerations regarding the public market for its common stock and recent business development activities.
Over the past fifteen months the Company borrowed $214,000 from an investment firm to finance the startup of its U.S. Navy "Lido" project in Indonesia as well as for general corporate expenses. The Company borrowed the funds on terms that included a conversion option at a discount to the trading price in the market. The subsequent conversion of the debt to stock, and the apparent liquidation of stock in the market, resulted in a significant increase in IDVC's public float which increase may have resulted in the drop in IDVC's stock price over the past ten months.
Except for $2,000, all convertible debt that is currently entitled to conversion has been converted to stock as of today's date. 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's losses from the Lido project - due to disputes with local subcontractors and the subsequent termination of the project - resulted in its inability to repay the previous convertible debt. As detailed in the Company's quarterly and annual reports, its Asian region U.S. military contracting operations division has been suspended due to low margins, heavy competition, and lack of funding to advance start up cash for larger projects.
As also reported in the Company s annual and quarterly reports, it has written off all losses from its quarry operation in the United Arab Emirates, converted nearly all outstanding debt to equity, and has now stabilized its financial situation. The Company is in position now to grow it new businesses with a clean balance sheet and reduced operating losses.
"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," stated the Company's 's CEO Thomas R. Morgan. "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."
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. Cleanfield is properly set up for compressed natural gas conversions in the Southwest U.S., and is currently bidding on fleet conversions.
Lastly, 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.
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 and Cleanfield as subsidiaries, the Company's ability to procure design and management projects, competitive market conditions, and its s 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Infrastucture Developments Corp.
By Staff
CONTACT: CONTACT: Infrastructure Developments Corp.
Thomas Morgan, CEO
801.488.2006
trmorgan@idvc.us
www.idvc.us
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
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