Infrastructure Developments Corp. Signs MOU to Acquire International Webcasting Business
Wednesday, 15 June, 2016
Jun 14, 2016 (ACCESSWIRE via COMTEX) -- SALT LAKE CITY, UT / ACCESSWIRE / June 14, 2016 / Infrastructure Developments Corp. announced today that is has agreed to acquire Bidlive Management FZE, a U.A.E. Free Zone Entity ("Bidlive") engaged in the business of live webcasting of auctions around the world. The agreement calls for an issuance of a nominal amount of IDVC treasury stock to Bidlive founders, plus a future performance based stock earn-out, in return for 100% of Bidlive.
Bidlive is a 100% foreign owned company established in the 4th quarter of 2015 to market and operate a unique live webcasting and bidding software platform developed by its Philippines based back office IT partner over the past three years. Bidlive has webcast 60 auctions since October 2015. Prior to the inception of Bidlive, the software platform was beta tested at 100 live auctions held by 5 different auction houses in 2013 to 2015. More information on Bidlive can be seen at www.bidlive.bid.
"Our goal is to become the world's largest international auction company without being an auctioneer," commented Richard Sweatt, founder of Bidlive. "We offer features to bidders and auction houses that no other webcasting platform can offer. Our unique advantages include a wide variety of goods for auction in the specialized construction, industrial and transport industries, in countries outside of the insulated North American market. We know what the international bidders want, and our database of over 12,000 bidders is growing daily because of what we offer. With virtually no cost to use the Bidlive platform, auction houses are eager to use the system and access our active bidders," he said.
"Bidlive founders have worked in the auction and IT industry for 15 years, and we are impressed with their knowledge and innovative approach to the live auction business," commented Cyril Means, Director and acting CEO of IDVC. "Bidlive is something totally different from a physical or on-line only auction house. It is technology used to improve the age old business of live auctions, and we want to be part of it. Their business plan is simple and achievable. Physical auction houses need on-line bidders, and bidders need access to more auctions, more goods, and more variety in location and bidding experience," he said.
Infrastructure Developments Corporation:
IDVC is a US publicly listed project management and engineering firm, headquartered in the United States. IDVC's mission is to bring world-class execution to the international construction and project management industry and to expand into selected complementary businesses in high-growth international markets.
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 the Company's development, competitive market conditions, and its prospects for securing additional sources of financing as required. The actual results that the Company may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. The Company encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-Q and Form 10-K. The Company's public filings may be viewed at www.sec.gov.
Infrastructure Developments Corp.
+1 (801) 488 2006
SOURCE: Infrastructure Developments Corporation