SOURCE: Global Realty Development Corp.

October 11, 2006 08:08 ET

Global Realty Development Corp. Sets Focus On Entertainment and Gaming

CORAL SPRINGS, NORWAY -- (MARKET WIRE) -- October 11, 2006 --


Global To Not Acquire U.S. Sustainable Energy Corp.

CORAL SPRINGS, Fla. October 11, 2006--Global Realty Development Corp. (OTCBB: GRLY), today announced that it has decided not to proceed with the previously announced Memorandum of Understanding to acquire United States Sustainable Energy Corp. of Mississippi. Rather, Global has determined to focus its efforts on pursuing opportunities in the entertainment and gaming industries. In this regard, Global announced yesterday the acquisition of a majority interest in the TFM Group, a company formed to pursue opportunities in the television, film and music industries. Further, Global had previously announced that it had purchased 100% of MJD Films, Inc., a film production company, in August 2006.

Robert Kohn, CEO of Global stated "We believe we can utilize our seasoned entertainment and gaming management executives to build a focused entertainment and gaming company. Going forward, we will continue to seek and acquire, joint venture and form strategic alliances with entertainment, gaming and entertainment related companies."

Global had executed and previously announced the Memorandum of Understanding to acquire United States Sustainable Energy Corp. of Mississippi, "USSEC", subject to due diligence and certain events in August 2006.

About Global Realty Development Corp.

Global Realty Development Corp. is an international land development company operating through various real estate development subsidiaries. The Company is primarily engaged in the acquisition and development of real estate in Australia. Global previously acquired MJD Films and the TFM Group and is now focused on pursuing opportunities in the entertainment and gaming industry.

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of GLOBAL officials are "Forward- Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future GLOBAL actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward- looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward- looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and GLOBAL has no specific intention to update these statements.

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