Feb 23 2011
Infrastructure Developments Corp. (OTCBB: IDVC) announced today that its subsidiary, Intelspec International, Inc. has signed a memorandum of understanding to supply construction materials and project management services for a major housing project in Angola.
The understanding names Intelspec as the lead project management company for the construction of up to 9,000 fabricated and pre-fabricated housing units as part of an Angolan government housing initiative. The 9,000 house concession was awarded to a major Angolan investment firm last year, which has selected Intelspec as the project manager. Intelspec will also be working with an international consulting firm with operations in Angola. The total project value could exceed US$200 million and is expected to take approximately 3 - 5 years to complete.
This project is a part of the of Angolan government's renewed commitment of approximately US$50 billion to provide up to one million housing units to its citizens in the wake of substantial modernization.
"We have been working on this initiative, and the related logistics planning, for quite some time now, and are extremely pleased that Intelspec has been selected as the management company for the project," stated Thomas R. Morgan, CEO of Infrastructure. "Intelspec's participation in this project is a testament to our ability to provide quality project management and construction services in an extremely efficient and economical manner under demanding conditions in multicultural environments."
Source: http://www.idvcinc.com/