Dallas, Texas (November 29, 2011) – StockGuru Shines Its Spotlight on Infrastructure Developments Corp. (OTCBB: IDVC). Yesterday the Company announced that its largest debt holder and the founding shareholder of its wholly owned subsidiary has converted approximately $2.48 million in long-term debt to restricted shares of common stock. The Company closed on November 28, 2011, at $0.0121, trading in a fifty-two week range of $0.52 – 0.0119, up five percent.
WWA Group, Inc. was instrumental in developing Intelspec International, Inc.’s operations in 2007. Infrastructure took on debt owed to WWA when Infrastructure acquired Intelspec in 2010. In May 2011, Infrastructure entered into an agreement with WWA to convert approximately $2.4M of current debt into long-term debt. Pursuant to the terms of the agreement, WWA has elected to convert this long-term debt into 165,699,842 shares of Infrastructure’s common stock at $0.014952 per share. The transaction issues WWA 54 percent of Infrastructure’s outstanding common shares.
“WWA’s debt conversion is more than welcome,” said Thomas R. Morgan, CEO of Infrastructure. “Converting this debt will have a substantial positive effect on the quarter’s balance sheets. This will put us into a stronger operational position moving forward, and provide us a clean platform to consider acquisitions of other companies operating in our industry.”
About Infrastructure Developments:
Infrastructure 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. Infrastructure 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 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 Infrastructure may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Infrastructure encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-Q and Form 10-K. Infrastructure’s public filings may be viewed at www.sec.gov.
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