HENDERSON, NEVADA--(Marketwire - 01/03/11) - Videolocity International, Inc. (PINK SHEETS:VCTY - News) (www.videointernationalcorp.com) names the purchaser of its subsidiary Avtar Singh Construction (ASCC). The buyer Evader, Inc. (EVDR) will pledge about 800 million shares as security in escrow in a complex transaction that will allow EVDR to securitize certain financing and debt to secure control of VCTY's subsidiary ASCC. Avtar Singh Construction http://www.videointernationalcorp.com/ascc.php is one of the major developers in Chandigarh, India, with strong ties to the local community and municipal governments. ASCC owns a total of three different companies which run into various fields, namely roads and highways, real estate and leasing/financing, and offers revenues in the range of $5 million USD. ASCC has executed various projects of national importance in India, including construction of national highways.
"VCTY management acquired ASCC in October 2010 for a fraction of the sale price. ASCC was always a short hold for VCTY as it never fit the VCTY's vision or profile. Now that we finally earned the current rank status with OTC Markets we are looking to focus on the core operations of our business and grow our business more organically or at least with a merger of other China based companies in our industry space. The ASCC purchase was a one off and it proved to be a great boom for VCTY," said Mr Zhou Aixian Chairman of VCTY.
Right now VCTY is working out the logistics of the transfer of ASCC to its new owners and all the escrow accounts are being set up including coordination with both companies transfer agents.
Final definitive announcement will be made shortly by VCTY.
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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