Herndon, VA (PressExposure) February 18, 2011 -- Infrastructure Developments Corp. (OTCBB: IDVC) announced today that its subsidiary, Intelspec International, Inc., has broken ground on the design-build contract for the Lido Phase II Project in Indonesia.
The contract was competitively bid and awarded to Intelspec by the US military in the amount of $1,198,727 in 2010. Intelspec began work on a two storey barrack, dining facilities, a mess hall, a kitchen, roads, parking areas, and site utilities and is expected to complete the project within 7 months.
"Intelspec is proud to be the lead company responsible for the design and building of this compound for the US military. We are looking forward to a successful completion of the Lido Project as we have had with our other US government projects in the region," said Thomas R. Morgan, CEO of Infrastructure. "Our execution of this project will also help establish an important footprint for Intelspec's further operations in Indonesia. Project management and design-build expertise is critical in this emerging market."
Intelspec is continually pursuing other governmental and private opportunities in South East Asia with a focus on Indonesia.
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 (i) our ability to procure and successfully complete design-build and management projects, (ii) competitive market conditions, and (iii) our 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 10-Q and Form 10-K. Infrastructure's public filings may be viewed at http://www.sec.gov.