Global Development Resources, Inc.
TSX VENTURE : GDV.U

May 02, 2008 09:57 ET

Global Development Resources, Inc. Announces Delay in Filing of Audited Year End Financial Statements

TORONTO, ONTARIO--(Marketwire - May 2, 2008) - Global Development Resources, Inc. (TSX VENTURE:GDV.U) ("GDR" or the "Company") today announced that the filing of its financial statements as of the year ended December 31, 2007 and related management's discussion and analysis (collectively, the "Filings") will be delayed past the April 29, 2008 deadline.

The delay is principally related to the audit of Rare Earth, LLC. and the Thoms Estate, LLC., newly formed development corporations partially owned by the Company. The full audit of these United States based companies was unanticipated and resulted in the Company's inability to comply with the filing deadline of April 29, 2008.

As a result of the delay in filing, the Company anticipates that the Ontario Securities Commission ("OSC") and other applicable Canadian securities regulators may issue a temporary management cease trade order that prohibits directors, officers and other insiders of the Company from trading in securities of the Company for so long as the Filings are not filed. The issuance of such cease trade order does generally not affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities. In the event that the Filings are not filed by June 29, 2008, the OSC and other applicable Canadian securities regulators may impose an issuer cease trade order that all trading in securities of GDR, either permanently, or for such period as is specified in the order.

This default announcement is provided further to OSC Policy 57-603 and CSA Staff Notice 57-301. Pending the filing of the Filings, the Company intends to satisfy the alternative information guidelines recommended by OSC Policy 57-603 and CSA Staff Notice 57-301.

The Corporation confirms that there are no insolvency proceedings against the Corporation as of the date herein. The Corporation also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date herein.

CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE INCLUDING WORDS SUCH AS "LOOKS FORWARD", "ANTICIPATE", "COULD", "SHOULD", "EXPECT", BELIEVE", "WILL" AND SIMILAR EXPRESSIONS AND STATEMENTS RELATING TO MATTERS THAT ARE NOT HISTORICAL FACTS ARE FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Global Development Resources, Inc.
    Mr. Chris Carmichael
    CFO
    (416) 488-7760