Apr 29 2010
Infrastructure Developments Corp. (OTCBB: IDVC) (“Company”) today announced that it has acquired Intelspec International, Inc. (“Intelspec”) pursuant to the terms and conditions of a share exchange agreement dated April 7, 2010.
Intelspec is a global engineering and project management service provider, providing services through a network of branch offices and subsidiaries located in markets where it has active projects, is bidding on projects, or is investigating project opportunities. The business focuses on small to mid-size contracts and subcontracts in the $1 million to $10 million range. Initially Intelspec targeted a wide variety of private and government jobs in the Middle East, particularly in the United Arab Emirates, but a substantial economic slowdown in these markets has led it to focus primarily on US government contracts and subcontracts. Intelspec is staffed by key personnel with decades of experience in performing work for the US Department of Defense and the Department of State who are familiar with both the complex requirements of US Government contracts and the unusual challenges of performing high-standard work in isolated and undeveloped environments. Current projects include management of a limestone removal project awarded by the local authorities in Ras Al Khaimah, United Arab Emirates and the construction and management of various projects for the US military in Thailand and Cambodia.
The Company’s recently appointed CEO, Thomas R. Morgan, stated that “Intelspec’s decision to be acquired by a public company was based on a desire to obtain access to prospective finance options via public equity markets while creating a public valuation for its shareholders; we believe that Intelspec, as part of a publicly trading company, will now be able to pursue a more diverse number of business opportunities.”
Source: http://www.intelspec.com/