Avtar Singh Construction Co. (P) Ltd. CEO Addresses the Merger With Videolocity International, Inc. (VCTY)
22 October 2010 - 1:06AM
Marketwired
Videolocity International, Inc.'s (PINK SHEETS: VCTY)
(http://www.videointernationalcorp.com) newly acquired subsidiary,
Avtar Singh Construction Co. (P) Ltd. (ASCC) addressed the new
developments within VCTY.
S. Avtar Singh Walia, Managing Director of ASCC, stated, "We are
happy to say that the merger with VCTY came to a successful close.
ASCC offers VCTY investors an impressive record of success and
achievement, including the execution of projects of national
importance in India.
VCTY's management saw great potential in the size and revenues
that our company has to offer to VCTY and its shareholders. ASCC
successfully grows its customer base and expands on the growing
Indian construction market. This strategic combination is a
favorable outcome for all. We are delighted with this merger and
look forward to offer future growth to the VCTY shareholders.
Mina Mar Group did a great job accommodating all the necessary
steps to successfully merge ASCC into VCTY, and we look forward to
our ongoing cooperation regarding VCTY, ASCC's place within VCTY,
and other corporate matters.
ASCC will have many good news for the VCTY shareholders in the
future. We are currently working on several projects in India,
including our so far largest project: the highway to the newly
built Chandigarh International Airport. We are also currently
bidding on several other projects, but we will be releasing
information on these as the details unfold."
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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
www.minamargroup.net/helpdesk Investor Relations Department Inquiry
www.minamargroup.net (IR) For (M&A) and Corporate Matters
www.minamargroup.com Videolocity International Inc.
corporate@videointernationalcorp.com
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