SOURCE: Infrastructure Developments Corp.
SALT LAKE CITY, UT--(Marketwire - Jul 26, 2012) - Infrastructure Developments Corp. (OTCBB: IDVC) (the "Company") announced today that the Company will hire a new chief executive officer beginning August 5th, 2012.
At this week's board meeting the Company's CEO and director, Thomas R. Morgan, determined that he would allow his contract as CEO to expire as of August 4th and would step down from his position on the board the same day. "I have decided to pursue other career opportunities in the military and government arena," stated Mr. Morgan. "I value my tenure with Infrastructure Developments and am confident that the company will enjoy much success in the coming years. I will continue to offer my assistance whenever the need or opportunity arises."
Mr. Morgan previously filed a Form 144 for some of his shares of common stock in anticipation of his departure from the Company, but has stated that he has not yet sold any of his shares.
Eric Montandon will step in to Mr. Morgan's position as interim CEO. "I have been a director of Infrastructure Developments for several months and have been associated with the company for some time," Mr. Montandon stated. "I believe that we are on the cusp of turning some corners to enter into long-term profitability and create value for our shareholders."
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.