Announces Entry into a New Project, and Progress in its “Wing House” Business
SALT LAKE CITY, UT / CRWEPRESSRELEASE / August 13, 2015 / Infrastructure Developments Corp. (OTCMKTS: “IDVC” and “the Company”) announced today its divestiture of its ownership rights to Orbis Real Estate, a real estate brokerage company based in Dubai U.A.E.
The Company acquired these right in June 2014 in return for 160,000,000 shares of its common stock, plus the assumption of certain liabilities. On July 1, 2015 the Company agreed to divest all rights to Orbis assets and operations to the original principals and employees of Orbis, provided that all of the 160,000,000 shares of IDVC common stock was returned to the Company and the buyers assumed all liabilities of Orbis. The deal closed August 1, 2015.
The net effect on the Company’s balance sheet is the retirement of 14% of the issued and outstanding common stock of IDVC, and reduction of notes and accounts payable of approximately $260,000.
“We invested into the Orbis venture at a time when optimism for the real estate brokerage industry in Dubai was at an all-time high,” commented IDVC CEO Eric Montandon. “Unfortunately so did many others, and the market turned flat during 2015. We are pleased that we suffered no losses on the venture, other than time spent, and can now focus on other larger projects.”
The arrival of the first Wing House in the United States is expected in the next 10 days in Houston. The Company has negotiated the sale of this unit and expects follow on orders for more in the coming months.
“We have always been confident that the Wing Houses would be well accepted in the U.S., and they fit in very well with our venture into off grid alternative energy. We expect to see a great deal of external publicity when the Wing House is rolled out in Texas.”
The Company also announced that it is in the final stages of negotiations to take on a management contract to develop and mine a 200 acre property in Nevada that has proven reserves of over 20 million tons of high grade gypsum. More details will be announced when the final agreement is signed and operations commence, expected in September 2015.
“We have had a finance mechanism in place for some time, and have been looking for a suitable project to enter into in the United States,” commented CEO Montandon. “The gypsum production project is a good fit and we are excited to get back into a larger project in a stable market.”
Infrastructure Developments Corporation:
IDVC is a US publicly listed project management and engineering firm, headquartered in the United States. IDVC’s mission is to bring world-class execution to the international construction and project management industry and to expand into selected complementary businesses in high-growth international markets. The Company is currently focusing on marketing efforts for prefabricated housing in North America, the Middle East, and parts of South-East Asia. The Company also offers project management services for various types of construction projects.
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, 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.
SOURCE: Infrastructure Developments Corporation