SOURCE: Infrastucture Developments Corp.
SALT LAKE CITY, UT--(Marketwire - Sep 28, 2012) - Infrastructure Developments Corp. (OTCBB: IDVC) (the "Company") wishes to inform shareholders that the Depository Trust Company (DTC) has imposed a deposit transaction restriction (or a "Deposit Chill") on the Company's common stock. The Company is in the process of having the DTC lift the Deposit Chill.
The DTC detected a large number of the Company's common stock which were deposited between February 9, 2011 and June 30, 2012. They require evidence that such shares were in fact tradable without restriction. The Deposit Chill prevents shareholders from depositing share certificates into the market for sale. This affects shareholders who are holding physical certificates of the Company's stock, and may affect the purchase and sale of stock currently held in some brokerage accounts.
"We hope this is not causing shareholders too much of a hassle," said Shawn Teigen, a director of the Company. "We are extremely interested in getting this issue behind us."
On September 18th, the Company sent the DTC an objection to the Deposit Chill and is in the process of preparing a written response to the DTC. The response will include a legal opinion that over 85% of the shares within the period in question were related to the conversion of shares by one unrelated entity. The Company borrowed funds from this entity on terms that included a conversion option at a discount to the trading price in the market. Of the amount borrowed, $175,000 was converted into common stock, the Company pre-paid $19,000 on July 24, 2012, and $20,000 is left remaining.
The Company intends to pre-pay the remaining convertible amount pursuant to the terms and conditions of an acquisition agreement that the Company is now finalizing. The Company expects to submit a press release about the acquisition in the coming days.
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 (http://sec.gov/Archives/edgar/data/1389415/000121152412000125/0001211524-12-000125-index.htm) and Form 10-K (http://sec.gov/Archives/edgar/data/1389415/000121152412000078/0001211524-12-000078-index.htm). The Company's public filings may be viewed at www.sec.gov.