SOURCE: Infrastucture Developments Corp.
SALT LAKE CITY, UT--(Marketwire - Mar 1, 2013) - Infrastructure Developments Corp. (OTCQB: IDVC) (the "Company") announced today that it has paid off remaining amounts due to a convertible note holder. Over the past two years 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 may have resulted in the drop in the Company's stock price over the past 18 months. Of the $214,000 borrowed, no amounts remain due.
Additionally, the Company is pleased to announce that on February 27, 2013, the Depository Trust Company (DTC) lifted the "Deposit Chill" which has been on the Company's common stock since October 2012. The Deposit Chill prevented some shareholders from depositing physical share certificates into the market for sale. The DTC has now resumed accepting deposits for depository and book-entry transfer services.
"We decided to repay the remaining debt in order to prepare us for an expected company acquisition in the coming months," stated Eric Montandon, the Company's chief executive officer. "The lifting of the DTC Deposit Chill at the same time is a very positive event for Infrastructure and its stockholders. We can now proceed to prepare Infrastructure for new business and possible acquisitions."
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 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.