SOURCE: Global Development & Environmental Resources, Inc.

July 28, 2006 10:00 ET

Global Development and Environmental Resources Establishes Recovery Earth Holdings, Inc.

LAS VEGAS, NV -- (MARKET WIRE) -- July 28, 2006 -- Global Development and Environmental Resources, Inc. (PINKSHEETS: GDVE) announced today that it has formed a new operating subsidiary, Recovery Earth Holdings, Inc. ("Recovery Earth") to be responsible for real estate holdings currently owned and that the Company intends to develop in the future.

Over the past few months Global has identified a number of properties that are believed to be attractive acquisition candidates. The Company is in final negotiations for four gasoline stations in Illinois. In addition to these properties, Mr. Peter Cimino, who serves as the President of parent Company and will serve in the same position at the Recovery Earth subsidiary, has stated that he is currently evaluating his personal real estate holdings for an appropriate piece of property to further establish Recovery Earth's initial portfolio. Further information on these properties will be available upon the closing of the transactions.

Mr. Cimino commented on the real estate transactions and on the overall growth of the Company, "Over the past year we have been identifying opportunities to grow the business through environmental services, new product innovations and real estate developments. We have previously announced contracts demonstrating growth in our environmental services division, and we continue to perform work in that area. Our product line continues to see advancements, including strong interests in our PZ-22X enzyme line, as well as our recently announced bio-sludge program and water filtration systems. With the establishment of Recovery Earth we have initiated the third phase of the growth strategy, real estate development. I am hopeful that my decision to infuse a piece of my personal real estate holdings into the Company in exchange for restricted stock will demonstrate my personal commitment to this new area of expansion. As target properties will be owned free and clear by Recovery Earth, the Company will have the full ability to leverage the property to facilitate financing opportunities for additional investment and development opportunities."

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 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.


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.

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