SOURCE: Global Development & Environmental Resources, Inc.

August 02, 2006 09:44 ET

Recovery Earth Holdings, Inc. Subsidiary Completes Real Estate Transaction

LAS VEGAS, NV -- (MARKET WIRE) -- August 2, 2006 -- Global Development and Environmental Resources (PINKSHEETS: GDVE) announced today that its wholly owned subsidiary Recovery Earth Holdings, Inc. has completed the acquisition of 4 gasoline stations located in Illinois. The properties were purchased in a cash and stock transaction and are owned by Recovery Earth Holdings with a current market value in excess of $1.5 million.

Recovery Earth continues to identify properties believed to represent attractive acquisition candidates. The announced acquisition represents the first of what the Company believes will be a series of recovery and redevelopment opportunities for impaired gasoline stations around the United States. The initial goal of the Company is to perform the necessary environmental repairs required to bring the properties into compliance with the State of Illinois Environmental Protection Agency. Upon completion, the Company anticipates selling the properties to a petroleum company for operation at a price reflective of the remediation services in a current, improved market valuation.

Mr. Peter Cimino, Recovery Earth's President, commented on the transaction, "In virtually every town in America, both large and small, there exist environmentally impaired properties that offer Recovery Earth the opportunity to improve local communities from an environmental perspective. At the same time, our Company has an opportunity from a financial perspective. I believe this scenario paves the way for our Company to have excellent relationships with local and state business leaders throughout our country. Unlike a typical real estate development firm, we are in a unique position in that at most of our development sites, we actually reduce environmental impact during the period of time that we develop a property. As a kid growing up playing in the forest, I was always told to leave something cleaner than you found it. I still try to live by that today."

About Global Development & Environmental Resources, Inc. ("GDVE")

GDVE is an environmental services and land development company. The Company provides turnkey risk assessment, engineering and construction development, environmental and related services to both public and private clients in numerous industries. GDVE offers integrated services that help clients take an infrastructure project from concept to completion.

About Recovery Earth Holdings, Inc. ("Recovery Earth")

Recovery Earth is the real estate development arm of Global Development & Environmental Resources, Inc. The primary development focus of Recovery Earth is to identify properties that offer recovery and redevelopment opportunities. Typically, the Company seeks to acquire parcels of raw or developed real estate that have specific environmental impairments. Through its affiliated subsidiaries within Global Development and Environmental Resources, Inc., the Company can efficiently and economically remediate distressed and impaired properties, returning them to an environmentally friendly state for internal operation or resale. Additional projects for Recovery Earth are expected to include commercial real estate development, industrial office buildings and warehouse facilities and retail shopping centers.

'SAFE HARBOR' NOTE:

Certain statements contained herein constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Since such statements involve risks and uncertainties, the actual results and performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein; however, readers should carefully review reports or documents the Company files from time to time with the Securities and Exchange Commission.

Contact Information

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