Infrastructure Developments Corp. (OTC.BB:IDVC - News) announced today that its subsidiary, Intelspec International, Inc. has signed a memorandum of understanding to supply construction materials and project management services for a major housing project in Angola.
Online PR News – 24-February-2011 – – Salt Lake City, UT, February 24, 2011 -- Infrastructure Developments Corp. (OTC.BB:IDVC - News) announced today that its subsidiary, Intelspec International, Inc. has signed a memorandum of understanding to supply construction materials and project management services for a major housing project in Angola.
The understanding names Intelspec as the lead project management company for the construction of up to 9,000 fabricated and pre-fabricated housing units as part of an Angolan government housing initiative. The 9,000 house concession was awarded to a major Angolan investment firm last year, which has selected Intelspec as the project manager. Intelspec will also be working with an international consulting firm with operations in Angola. The total project value could exceed US$200 million and is expected to take approximately 3 – 5 years to complete.
This project is a part of the of Angolan government’s renewed commitment of approximately US$50 billion to provide up to one million housing units to its citizens in the wake of substantial modernization.
“We have been working on this initiative, and the related logistics planning, for quite some time now, and are extremely pleased that Intelspec has been selected as the management company for the project,” stated Thomas R. Morgan, CEO of Infrastructure. “Intelspec’s participation in this project is a testament to our ability to provide quality project management and construction services in an extremely efficient and economical manner under demanding conditions in multicultural environments.”
About Infrastructure Developments Corp.:
Infrastructure is an engineering and construction services company that services an underserved niche in the global project management spectrum, targeting specialized projects and subcontracts that are too small to attract giant multinational firms, but which still require world class engineering expertise.
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 Infrastructure's ability to procure design and management projects, competitive market conditions, and Infrastructure's prospects for securing additional sources of financing as required. The actual results that Infrastructure may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Infrastructure encourages the public to read the information provided here in conjunction with its most recent filings on Form 8-K, Form 10-Q and Form 10-K. Infrastructure's public filings may be viewed at www.sec.gov.
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Infrastructure Developments Corp.
Salt Lake City, UT