SOURCE: Global Developments, Inc.

December 22, 2006 19:28 ET

Global Developments Cancels World Hockey Association Dividend and Commences Legal Inquiry Into Issuance of Stock

VANCOUVER, BC -- (MARKET WIRE) -- December 22, 2006 -- Global Developments Inc. (PINKSHEETS: GBDP) announces that it has cancelled its previously announced dividend of its holdings in World Hockey Association common stock and postponed it until further notice. Due to the significant decrease in the market value of the common stock of World Hockey Association (PINKSHEETS: WHKA), the proposed dividend became uneconomical with respect to the cost of notice and delivery to Global's shareholders.

Global has since learned that the management of World Hockey Association, commencing sometime during November 2006, began issuing large amounts of common stock. From November 2006 to December 12, 2006, the number of issued and outstanding shares increased from approximately 32,000,000 common shares issued and outstanding to 157,854,076 common shares issued and outstanding, the majority of which were issued to insiders and management.

Under the terms of Global's financing agreement with World Hockey Association, Global is granted a non-dilutive 40% interest in the common stock of World Hockey Association. Global has asked its legal counsel to commence an inquiry as to whether the issuance of this common stock was valid and legal and whether the management of World Hockey Association breached its fiduciary duty to its shareholders in increasing their personal holdings of common stock. Global will also seek to enforce the non-dilutive clause in its financing agreement with World Hockey Association.

About Global Developments

Global Developments, Inc. is a publicly traded venture capital company. It was formed to create a unique investment vehicle representing a growing portfolio of innovative and emerging growth-oriented companies. Global acquires its portfolio companies either as wholly or partially owned subsidiaries, or as an investment where Global is the lead investor. As a result, Global maintains substantial management and operational control, thereby giving it the ability to provide significant oversight and guidance in building value and creating liquidity events for its shareholders. Global invests in companies with solid management, operational excellence, and the potential to grow substantial revenue streams.

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    Leighton Dean
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