SOURCE: Global Development

August 22, 2005 07:05 ET

Global Development & Environmental Resources Awarded Environmental Assessment of 20 Gasoline Stations From Bulk Petroleum

LAS VEGAS, NV -- (MARKET WIRE) -- August 22, 2005 -- Global Development & Environmental Resources, Inc. (OTC: GDVE) announced today that after weeks of negotiations, the Company has forged a working services agreement with Bulk Petroleum. Under the terms of the agreement, Bulk Petroleum, based in Mequon, Wisconsin, has agreed to initially provide Global Development & Environmental Resources with 20 gas stations for due diligence assessments. These sites will also involve remedial work. Additionally, this agreement was developed between the parties with the intention of also awarding Global Development with the environmental work required on their recent acquisition of 216 Tobacco Road sites located in Indiana, Kentucky and Ohio. Terms for this project will be released as they become available.

Dr. Phil Pritchard, Chairman & CEO of Global Development & Environmental Resources, commented on the development, "We look forward to working with Bulk Petroleum on their gasoline stations, as well as their new acquisitions. Mr. Anil Chugh, V.P of Petroleum Affairs for Global Development & Environmental Resources, Inc., is working directly with Mr. Darshan Dhaliwal, President of Bulk Petroleum Corporation." He added, "Over the past several weeks, we have fielded a number of calls by finance companies, investors and securities analysts requesting verification for some of our contracts. While private company contracts are always confidential and require the consent of the client, those projects being paid for with public funds are a matter of the public record. In an effort to assist with independent contract verification, we are creating an information page that is currently being developed. As our programmers receive information on our new and existing contracts, this information will be available for anyone interested in our progress."

To review contract information that is currently available, schedules of completion and other related information for public sector projects, please visit: http://www.firstcapitalinvestors.com/gdveverification.html. Additional information is being added regularly, so check back often.

Information on Global Development and Environmental Resources can be found at www.gderinc.com. A free, downloadable Investor Fact sheet is available at First Capital Investors website at www.firstcapitalinvestors.com/factsheets/gdve.pdf.

"SAFE HARBOR"

This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

Contact Information