SOURCE: Deer Valley Corp.

April 22, 2008 08:30 ET

Deer Valley Corporation Receives Multi-Million Contract for the Construction of the Company's First Multi-Family Housing Units

TAMPA, FL--(Marketwire - April 22, 2008) - Deer Valley Corporation ("Deer Valley" or the "Company") (OTCBB: DVLY) announced today that the Company has been awarded a $16.1 million dollar contract for the initial phase of construction of over 120 twin-townhome units. The total contract is expected to reach $25 million dollars for Deer Valley. The contract was awarded by M & C Development, LLC as part of a new rental development called "Orleans Place." Orleans Place is being built within Savanna Trails; a 264-acre master planned residential community located in Ocean Springs, Mississippi. This development includes affordable single family homes, a community day care center, swimming pools, a party pavilion and various parks throughout the neighborhood. Deer Valley was chosen by the developer to help design and build the New Orleans-style twin townhomes for the Orleans Place project. Construction and delivery of the first homes comprising Phase I of Orleans Place is scheduled to begin in the second quarter of 2008 and continue throughout the third and fourth quarters of the year.

Mr. Joel Logan, President of the Company's operating subsidiary, Deer Valley Homebuilders, Inc. made the following comment. "Deer Valley has focused its modular program on individual housing units which have sufficient unit to unit commonality to significantly benefit from the economies of the manufacturing process. The Orleans Place units fit perfectly into that business model while extending our product line to include multi-family units. Our Company is committed to building high quality affordable homes that offer a sense of warmth, friendliness, and personal pride. For our entry in the multi-family market, and we are especially pleased to be teamed with a development and project management group with whom we are share compatible objectives."

Mr. Chuck Stone, project manager for Savanna Trails, had this to say concerning Deer Valley: "In the design of Orleans Place, we have been seeking to partner with a modular housing company that could produce high quality, energy efficient homes, meet our delivery schedules, and one who exhibits a corporate ethic that inherently leads to a profitable working relationship. We spoke with and visited many modular companies over the course of two years. In the end, Deer Valley rose to the top of the list and is the only company which met all of our corporate criteria. We are excited about working with Deer Valley on the Orleans Place development as the first of several planned projects that the team expects to undertake in Mississippi."

About Deer Valley

Deer Valley is a growth-oriented builder of manufactured and modular homes with headquarters in Tampa, Florida and operations in Guin and Sulligent, Alabama.

Forward-Looking-Statement: Except for factual statements made herein, the information contained in this press release consists of forward-looking statements that involve risks and uncertainties, including the effect of changing economic conditions, competition within the manufactured home industry, customer acceptance of products, fulfillment of contracts with key customers, and other risks and uncertainties. Such forward-looking statements are not guarantees of performance, and Deer Valley's results could differ materially from those contained in such statements. You can generally identify forward-looking statements through words and phrases such as "forecast," "seek," "anticipate," "believe," "estimate," "expect," "intend," "plan," "budget," "project," "may be," "may continue," "may likely result," and similar expressions. Such forward-looking statements speak only as of the date of this release, and Deer Valley undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release.

The corporate offices of Deer Valley are located at 4218 West Linebaugh Avenue, Tampa, FL 33624. Additional information can be found at: http://www.deervalleycorp.com.

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