SOURCE: Global Development and Environmental Resources, Inc.

February 27, 2007 14:03 ET

Global Development and Environmental Resources, Inc. Files Federal Lawsuit

LAS VEGAS, NV -- (MARKET WIRE) -- February 27, 2007 -- Global Development and Environmental Resources, Inc. (PINKSHEETS: GDVE) announced today that it filed a Federal lawsuit against various parties that originally supplied the shell that Global reversed into.

Management has recently discovered issues that relate to the shell that Global Development & Environmental Resources, Inc. originally reversed into (Old Mission Assessment Company, Inc.). We had no knowledge of these issues at the time the reverse occurred; however, following receipt of a subpoena relating to information about Old Mission Assessment Company, Inc., we are investigating to ensure that the shell in its current format is viable and that no liabilities exist that we were not made aware of. In that regard and to protect our shareholders, we have issued a federal lawsuit against the parties that introduced the shell to us.

Once our investigation is complete we will inform you of all the details and will, if necessary, formulate a plan to resolve this situation.

Global's CEO Phil Pritchard commented, "Over the last few months, management has attempted to keep you informed of your Company's progress with our periodic newsletters. We are pleased with our recovery, evidenced with many bids having been placed for new work as well as starting work on contracts that had been backlogged. The lawsuit filed is a distraction, and although it is not possible at this time to give more details, we firmly believe that the outcome will be beneficial to our shareholders."

Information on Global Development and Environmental Resources can be found at www.gderinc.com.

About Global Development & Environmental Resources, Inc.

Global Development and Environmental Resources 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 on four continents. Global offers integrated services that help clients take an infrastructure project from concept to completion.

"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

  • Company Contact:
    Jitu Banker
    949/258-6633