Telidyne Announces Purchase of 56% Stake in Ducon Infratechnologies Ltd

NEW YORK--(BUSINESS WIRE)--Telidyne, Inc. (the “Company”) (OTC: TLDN), a technology company providing software development services and offering digital payments through its mobile App TELIBIT, today announced that it has acquired 56% holding in Ducon Infratechnologies Ltd. (BSE: 534674 | NSE: DUCON) (“Ducon”).

The Company indicated that it has acquired 56% ownership of Ducon through purchase of common stock in a private transaction on January 29, 2020. The Company’s board of directors has decided to grow and expand the company into other new emerging markets through acquisitions. The Company will still continue to expand the customer of its Mobile App TELIBIT and at the same time keep looking for further strategic acquisitions.

Ducon is a Mumbai, India based company that operates in a variety of business segments, to provide equipment and systems related to FGD systems for utilities and industrial plants, bulk material handling systems, IT services, electrification and other infrastructure turnkey projects.

Forward-looking Statements

This press release contains “forward-looking statements.” Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.