SOURCE: Deer Valley Corp.

February 11, 2010 08:30 ET

Founding Members of Deer Valley Corporation's Operating Management Team Extend Employment Contracts Though January 18, 2013

TAMPA, FL--(Marketwire - February 11, 2010) - The Board of Deer Valley Corporation ("Deer Valley" or the "Company") (OTCBB: DVLY) announced today that the Company and the core management of the Company's principal operating subsidiary, Deer Valley HomeBuilders, Inc., have agreed to individual employment contract extensions through January 18, 2013. The extended contracts provide for the same general terms and conditions that were incorporated in the contracts that are currently in effect, but which were formerly scheduled to expire in January 2011.

Mr. Charles G. Masters, the Company's CEO, commented, "This renewed commitment by key members of our management team confirms our corporate determination to continue to solidify our position in the more profitable niches of the manufactured and modular housing markets. The leadership of this team has not only allowed Deer Valley to survive the national economic crisis, but it has allowed us to accomplish some remarkable things in a very challenging period for our industry. In the 2009 and early 2010 period, we have reported positive earnings, improved our cash position, and increased out available credit facilities on fiscally viable terms. In that same period, the Company has successfully opened a new subsidiary to provide inventory financing for our dealers and taken other aggressive actions to improve shareholder value. All of this has been accomplished in a period in which many of our competitors have sought bankruptcy protection or sold their operating assets at distressed prices. These contract extensions give us clear management visibility for the next three years. It is indeed a pleasure to share this news with our shareholders and the investment community."

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 likelihood that discussions with third parties referred to in this press release will not progress beyond preliminary negotiations. 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," "seeking," "pursuing," "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.

About Deer Valley

Deer Valley is a growth-oriented manufactured home builder with headquarters in Tampa, Florida and operations in Guin, Alabama. The Company is dedicated to offering high quality homes that are delivered with a sense of warmth, friendliness, and personal pride. The Company also owns one idle plant in Sulligent, Alabama.

The corporate offices of Deer Valley Corporation are located at 3111 W. Dr. MLK Blvd., Tampa, Florida 33607

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