SOURCE: Global Development & Environmental Resources, Inc.

August 02, 2005 08:05 ET

Global Development & Environmental Resources Receives Letter of Commitment for New York Environmental Cleanup

LAS VEGAS, NV -- (MARKET WIRE) -- August 2, 2005 -- Global Development & Environmental Resources, Inc. (OTC: GDVE) announced today that the Company has received a Letter of Commitment for Phase I & Phase II site work for a project involving 10 gasoline stations in New York state.

The Letter of Commitment covers environmental work for the entire clean-up project and has a minimum total value estimated at $15 million. The project is to be completed in phases with the following revenue estimates per phase:

Phase I: Due Diligence Phase
$500,000 per property
Total Projected Value: $5 million

Phase II: Clean-Up Phase
$1,000,000 per property
Total Projected Value: $10 million
Dr. Phil Pritchard, Chairman & CEO of Global Development & Environmental Resources commented on the development, "This project represents a typical example of how Global Development & Environmental Resources can positively impact damaged water and land resources." He added, "Through proper assessment and remediation services, we are able to restore natural resources that have been damaged back to their natural state. This latest project, which happens to be located in New York, is another prime example of how our company is making a safer and cleaner environment in local communities around the world."

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