HENDERSON, NEVADA--(Marketwire - 01/28/11) - Videolocity International, Inc. (PINK SHEETS:VCTY - News) (www.videointernationalcorp.com) announces the company sale of Avtar Singh Construction (ASCC) subsidiary to Evader Inc. is in place, and the transaction plans to close within next 10 days, once all parties involved (VCTY, EVDR, ASCC) finalize the logistics of this sale.
The company secretary Marc Pintar commented, "The ASCC was always a short term hold for us. We made that perfectly clear right from the start. However, this created an uphill battle for us to satisfy our shareholders and that's why we need to move on. The sale of TCU (http://www.tcgedu.com/index.asp) is off as we consider embracing this subsidiary and its proven business model, and even complementing it by some additional viable ventures. Our corporate game plan is to enhance VCTY and to do things that will reflect value in VCTY and our shareholders positions as well."
The sale will complete on all stock basis and could yield VCTY several million dollars in profits.
The company will update its followers on all developments on a timely basis.
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.
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