Infrastructure Developments (OTC: IDVC) staged a respectable rally today, amid attention-grabbing headlines of the company’s CEO change and the repayment of its outstanding debt.
Today, July 26, 2012, Infrastructure Developments announced that the company will have a new chief executive officer beginning August 5, 2012. At this week’s board meeting, the company’s CEO and director, Thomas R. Morgan, determined that he would allow his contract as CEO to expire as of August 4, 2012, and would step down from his position on the board the same day.
Prior to today’s announcement of the CEO change, Infrastructure Developments announced that the company pre-paid in full an outstanding $19,000 convertible note.
Over the past 17 months, the company borrowed $214,000 from an investment firm to finance the startup of its U.S. Navy “Lido” project in Indonesia. The subsequent conversion of the debt to stock, and the apparent liquidation of stock in the market, resulted in a significant increase in the company’s public float. This may have caused the drop in the company’s stock price over the past year. Of the $214,000 borrowed, $20,000 now remains.
Infrastructure Developments rose a solid 22.2% today, and closed today’s trading session at a share price of $0.0022. Volume of the stock spiked to a total of 14.5 million shares, bypassing its daily average. Investors may be seeing potential in the stock, as the company is now close to its CEO change and paying off its outstanding debt. Despite its respectable rally today, Infrastructure Developments’ overall performance for 2012 has been less than attractive, considering the high volatility and year-to-date loss that totals 56.9%.
Several stock newsletters have promoted Infrastructure Developments. There are 11 results listed on stockpromoters.com regarding the promotion of the stock. On Twitter, @pennystock24 mentioned that Penny Trader COM promoted Infrastructure Developments today.
Other notable headlines for Infrastructure Developments also include:
- Yesterday, July 25, 2012: Infrastructure Developments announced that the company is no longer pursuing the closing of the acquisition of InterMedia Development.
- June 12, 2012: Infrastructure Developments announced that it had acquired a majority ownership of Cleanfield Energy, pursuant to the provisions of a debt settlement agreement.
Infrastructure Developments was incorporated on August 10, 2006. It is a global engineering and project management business that provides services through a network of branch offices and subsidiaries located in markets where the company either has active projects, is bidding on projects, or is investigating project opportunities.
The company is a co-distributor aligned with an affiliated company for several types of portable and economical prefabricated structures manufactured in China and Thailand.
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