Infrastructure Developments Corp. Pre-Pays Convertible Note
SALT LAKE CITY, UT, Jul 26, 2012 (MARKETWIRE via COMTEX) -- Infrastructure Developments Corp. (OTCBB: IDVC) (the "Company") announced today that the Company pre-paid in full an outstanding $19,000 convertible note.
Over the past seventeen 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 the Company's public float which increase may have resulted in the drop in the Company's stock price over the past year. Of the $214,000 borrowed, $20,000 now remains.
"We needed to pre-pay this portion of the convertible debt to reduce common stock reserved for conversions, and to put a stop to the continued dilution of our outstanding shares," stated Eric Montandon, director of the Company. "We are determined to repay the remaining debt before the conversion date in order to prepare us for an expected company acquisition in the coming months. We will provide details regarding this acquisition when we finalize the details."
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 Company's development, its 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 ( http://sec.gov/Archives/edgar/data/1389415/00...-index.htm ) and Form 10-K ( http://sec.gov/Archives/edgar/data/1389415/00...-index.htm ). The Company's public filings may be viewed at www.sec.gov .
Contact: Infrastructure Developments Corp. Eric Montandon Director 801.488.2006 eric@idvc.us www.idvc.us
