SALT LAKE CITY, June 12, 2012 (GLOBE NEWSWIRE) -- Infrastructure Developments Corp. (OTCBB:IDVC) (the "Company") today announced that it has acquired a majority ownership of Cleanfield Energy, Inc., pursuant to the provisions of a debt settlement agreement.
The Company has been committed to providing Cleanfield with interim funding since mid-2011 to cover expenses for the furtherance of its business plan. The settlement has eliminated much of this debt and strengthens the Company's future commitment to Cleanfield.
Cleanfield is properly set up for compressed natural gas conversions in the Southwestern United States, and is currently bidding on fleet conversions. "Interest in our next generation CNG conversion kits has been high in several areas of the country," stated Cleanfield CEO Jim Kisselburg. "This has driven us to expand our sales efforts nationwide. We will be raising a small amount of capital to expedite our expansion as CNG's low price and emissions are driving communities to look to CNG as a key alternative fuel solution."
Cleanfield has recently submitted a bid to convert 24 vehicles in the Shreveport, Louisiana area. It has additional opportunities in Lafayette, Louisiana and the area's counties bordering Texas. "We are confident about the expansion of our business in the Southern United States," Kisselburg said.
About Cleanfield Energy:
Cleanfield intends to develop CNG-related businesses in the United States. Cleanfield is working toward linking communities and vehicle fleet operators with the appropriate support programs and the technical expertise needed to successfully manage local transitions to clean energy vehicles. At the end of 2011 Infrastructure Developments Corp. opened a conversion location with Cleanfield in Tempe, Arizona, and intends to establish a regional network of conversion facilities and fueling points. This expansion will use a number of proven devices, including fully owned branches, franchises, and innovative joint ventures. Cleanfield is a voting member of the Valley of the Sun Clean Cities Coalition and has received an invitation to join the Greater Houston NGV Alliance.
Forward-Looking Statements:
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 development of Cleanfield, the Company's ability to procure design and management projects, 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.