HENDERSON, NV, June 29 /PRNewswire-FirstCall/ - Videolocity International, Inc. (VCTY; http://www.videointernationalcorp.com) is pleased to share the developments of a merger deal with a Chinese Hydro company.
The company, whose name remains undisclosed at this time, is a large utility company, founded in 2003, with profits in excess of 50 million RMB ($7,360,000 US). Hydro electric power in China today is big business and is part of the government's plans to aid underdeveloped regions with sustainable energy. The company plans to expand its services and currently seeks funding for the creation of a new hydro power station. This new hydro station is due to provide energy to the region by 2012.
After preliminary meetings with VCTY, the Hydro company's board shared a unanimous decision to proceed into the next phase of merger negotiations with VCTY. The companies are in the final stages of negotiations and once the merger details solidify, the merger candidate's financial reports (2008 through Q1 2010) will be posted as filings on MMMG and on Pink Sheets. The hydro merger would mean a great success for VCTY. The hydro conglomerate also considers providing audited financials and a potential uplisting to a higher board.
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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 of 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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SOURCE Videolocity International, Inc.