Nov 24 2010
Infrastructure Developments Corp. (OTCBB: IDVC) announced today that its subsidiary, Intelspec International, Inc., is in the final stages of negotiation on an agreement to provide housing units to Angola.
The prospective agreement will include the supply of materials, construction and project management services.
The prospective agreement is for the provision of up to 9,000 fabricated and pre-fabricated housing units as part of the Government of Angola's housing initiative. This project is a demonstration of the Government of Angola's commitment of approximately US $50 billion to provide up to 1 million housing units to its citizens in the wake of the substantial modernization taking place in the country.
The prospective agreement is being negotiated between Intelspec International, a strategic international partner with operations in Angola, and the Angolan investment company involved in the project. The total project value could exceed US $200 million.
"We have been working on this agreement, and the related logistics planning, for quite some time, and we are now reaching the final stages with all parties involved," stated Thomas R. Morgan, CEO of Infrastructure Developments Corp. "We are ready and able to perform on this project and our people have extensive experience on the African continent."
Source: http://www.idvcinc.com