HENDERSON, NV, June 22 /PRNewswire-FirstCall/ - Videolocity International, Inc. (VCTY; http://www.videointernationalcorp.com) is pleased to announce that the company finalized a merger with the Chinese Tactician University.
Tactician University, founded by the Tactician Group in 2001,as a consulting firm to some of China's great upcoming companies, accrues several million dollars of revenue per year. Tactician offers government and business training. The Government Management Programs provide administrative, committee and councillor training for Chinese government officers. The Business Management Programs focus on financial management, project management, human resources and secretarial training. College Student Training Programs offer career guidance, job-training, ethics, foreign languages, pre-masters and PhD preparatory training. In addition to its training services, Tactician aims to improve the public and private sectors through public dialogue on social and economic issues, and through Tactician's consulting services and incubation of select business ventures.
Tactician's core training business earned $3.2 million USD last year. Consulting services accrued another significant segment of the income. Tactician completed 4 projects for the government in 2009, earning $500,000. The total revenue in 2009 including training, conferences, consulting and services reached $6.2 million, with a profit of $2.4 million USD.
VCTY management stated, "We are glad that the merger progressed the way it did, and we welcome this strong consulting business firm to the North American markets. We believe that the company's business model will greatly appeal to the investors and generate even higher profits, as the educational-consulting barometer in China continues to rise.
In other updates, the terms and consideration disclosure documents are currently being compiled and will be filed with Pink Sheets and the issuers adequate disclosure documents shortly. The management of VCTY is of the opinion that Tactican is a well funded solid company with no need for capital. Dilution should be nominal save and except to pay for the fees and expenses of this merger transaction. The shares issued in the merger are nominal and the merger is performance based, with the bulk of the shares in reserve awaiting the merger of the Hydro Electric transaction. VCTY's merger team, enthusiastically reports great progress with the Chinese Hydro Electric company. The issuer is not in a position to comment further, except to say it is hard at work at this second merger task. The events are progressing at a steady, and progressive pace. We expect to hear more good news on this front soon.
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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.