Videolocity International, Inc. (VCTY) Completes Merger with Avtar Singh Construction Co. (P) Ltd.
October 19 2010 - 6:45AM
Marketwired
Videolocity International, Inc. (PINK SHEETS: VCTY)
(www.videointernationalcorp.com) has acquired a new subsidiary:
Avtar Singh Construction Co. (P) Ltd. (ASCC). VCTY management is
excited to announce the successful completion of the merger with a
company that offers great potential on the Indian market.
With ASCC merging into VCTY, the VCTY management sees a great
potential in the size and revenues that the company subsidiaries
offer to VCTY and the shareholders. The total revenues of Tactician
University in 2009 reached $6,2 million USD, with profit of $2.4
million USD. Avtar Singh Construction, the largest segment of three
sister companies (involved in Road & Highway, Real Estate,
Leasing/Financing) reached annual turnover of $3.49 Million USD
(The annual turnovers of the 2 sister companies not merged into
VCTY reached 2.61 Million and 0.87 Million respectively). The
Tactician University and ASCC represent total joint revenues of
$9.69 million USD for 2009. Companies of this size, such as VCTY
just became, have a greater agility, and more opportunities open
for them on the markets as they gain footing. VCTY management hopes
the shareholders and the public will appreciate this stunning
growth of VCTY in recent months.
ASCC has executed various projects of national importance in
India, including construction of national highways. The company
recently successfully bid for the contract to complete 70% of the
new international airport slated for construction.
VCTY intends to soon undergo a name change to better reflect its
new core business.
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Safe Harbor Statement:
Information in this news release may contain statements about
future expectations, plans, prospects or performance of Videolocity
International Inc. that constitute forward-looking statements for
purposes of the Safe Harbor Provisions under the Private Securities
Litigation Reform Act of 1995. The words or phrases "can be,"
"expects," "may affect," "believed," "estimate," "project" and
similar words and phrases are intended to identify such
forward-looking statements. Videolocity International Inc. cautions
you that any forward-looking information provided by or on behalf
Videolocity International Inc. is not a guarantee of future
performance. None of the information in this press release
constitutes or is intended as an offer to sell securities or
investment advice of any kind. Videolocity International Inc.'s
actual results may differ materially from those anticipated in such
forward-looking statements as a result of various important
factors, some of which are beyond Videolocity International Inc.'s
control. In addition to those discussed in Videolocity
International Inc.'s press releases, public filings, and statements
by Videolocity International Inc.'s management, including, but not
limited to, Videolocity International Inc.'s estimate of the
sufficiency of its existing capital resources, Videolocity
International Inc.'s ability to raise additional capital to fund
future operations, Videolocity International Inc.'s ability to
repay its existing indebtedness, the uncertainties involved in
estimating market opportunities, and in identifying contracts which
match Videolocity International Inc.'s capability to be awarded
contracts. All such forward-looking statements are current only as
of the date on which such statements were made. Videolocity
International Inc. does not undertake any obligation to publicly
update any forward-looking statement to reflect events or
circumstances after the date on which any such statement is made or
to reflect the occurrence of unanticipated events.
Contacts: Investor Relations: 1 647 426 1640
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corporate@videointernationalcorp.com
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