Global Development Resources, Inc.
TSX VENTURE : GDV.U

October 22, 2009 16:30 ET

Global Development Resources, Inc. Receives Shareholder Approval for the Divestiture of Its Subsidiary

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2009) - Global Development Resources, Inc. (TSX VENTURE:GDV.U) ("GDR") announces that it has received shareholder approval for the divestiture of its wholly owned subsidiary, Global Development Resources, Inc. (USA) ("GDR USA") to a group of current GDR shareholders led by GDR's CEO, Kent Smith (the "Purchasers").

The divestiture of GDR USA was approved on October 22, 2009, by special resolution of the shareholders of GDR. Proceeds from the divestiture will be 20,451,419 common shares of GDR tendered back to GDR from the Purchasers.

Upon completion of the transaction, GDR's outstanding share capital will be reduced to 10,769,387 common shares. Completion of the transaction remains subject to a number of conditions, including, amongst other things, regulatory approval.

CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE INCLUDING WORDS SUCH AS "LOOKS FORWARD", "ANTICIPATE", "COULD", "SHOULD", "EXPECT", BELIEVE", "WILL" AND SIMILAR EXPRESSIONS AND STATEMENTS RELATING TO MATTERS THAT ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Global Development Resources, Inc.
    Mr. Chris Carmichael
    CFO
    (416) 488-7760