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VCTY Videolocity International Inc (CE)

0.000001
0.00 (0.00%)
18 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Videolocity International Inc (CE) USOTC:VCTY OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.000001 0.00 00:00:00

Videolocity International, Inc. (VCTY) Completes Merger with Avtar Singh Construction Co. (P) Ltd.

19/10/2010 12:45pm

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Videolocity (CE) (USOTC:VCTY)
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Videolocity International, Inc. (PINK SHEETS: VCTY) (www.videointernationalcorp.com) has acquired a new subsidiary: Avtar Singh Construction Co. (P) Ltd. (ASCC). VCTY management is excited to announce the successful completion of the merger with a company that offers great potential on the Indian market.

With ASCC merging into VCTY, the VCTY management sees a great potential in the size and revenues that the company subsidiaries offer to VCTY and the shareholders. The total revenues of Tactician University in 2009 reached $6,2 million USD, with profit of $2.4 million USD. Avtar Singh Construction, the largest segment of three sister companies (involved in Road & Highway, Real Estate, Leasing/Financing) reached annual turnover of $3.49 Million USD (The annual turnovers of the 2 sister companies not merged into VCTY reached 2.61 Million and 0.87 Million respectively). The Tactician University and ASCC represent total joint revenues of $9.69 million USD for 2009. Companies of this size, such as VCTY just became, have a greater agility, and more opportunities open for them on the markets as they gain footing. VCTY management hopes the shareholders and the public will appreciate this stunning growth of VCTY in recent months.

ASCC has executed various projects of national importance in India, including construction of national highways. The company recently successfully bid for the contract to complete 70% of the new international airport slated for construction.

VCTY intends to soon undergo a name change to better reflect its new core business.

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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) (M&A) and Corporate Matters www.minamargroup.com Videolocity International Inc. corporate@videointernationalcorp.com

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