SOURCE: Global Developments, Inc.

December 04, 2006 20:16 ET

Global Developments increases investment in Litehaus Systems Inc. from 33% to 75%

VANCOUVER, BC -- (MARKET WIRE) -- December 4, 2006 -- Global Developments, Inc. (PINKSHEETS: GBDP), a publicly traded venture capital company, is pleased to announce that it has signed an agreement with Litehaus Systems Inc. to increase its investment from 33% to 75%. Global will also be granted an additional board seat on the board of directors of Litehaus.

Under the terms of the agreement, Global will provide a debenture of $250,000 and a further investment of $1,000,000. The debenture is payable at the end of 12 months, and bears interest, payable quarterly, at a rate of 6%. The use of proceeds of the debenture shall be directed toward a large-scale marketing and sales effort to sell Litehaus' proprietary leasing software licenses.

The investment of $1,000,000 shall be available on a draw-down basis to a maximum of $250,000 per quarter. In exchange, Global shall be granted a non-dilutive 75% interest in Litehaus. For every 100 individual customers obtained by Litehaus, up to a maximum of 400 customers, Global will retire 5% of its 75% interest to the treasury of Litehaus. Each of their their target customers typically represent 1-15 annual licenses with an annual fee of $995 per license.

John Briner, Global's President stated, "We are pleased to provide this second phase of financing for Litehaus. I have been impressed with management's commitment to meet and exceed their targets. Not only have they met their research and development targets, they have consistently stayed within budget since November 2004 when we first became involved with Litehaus. I am particularly excited that Litehaus will now have the resources to launch a full-scale sales and marketing campaign."

About Litehaus Systems

Litehaus was founded in 2003 and is headquartered in Surrey, British Columbia. Litehaus Systems is the only full-service sales finance solution for small business leasing professionals and is one of Canada's fastest growing software companies. Litehaus has developed and markets its commercial lease management software LITEHAUS360, which helps brokers, vendors and underwriters in the equipment leasing industry. Litehaus customer base consists of small businesses of 1-15 brokers. Litehaus' software provides simple, integrated solutions to reduce errors, increase revenue and increase competitiveness for businesses with revenues up to $500M.

Please visit for more information.

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.

Please visit for more information.

Forward-Looking Statements You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Global Developments, Inc. please refer to its Web site at


Copyright © Hugin ASA 2006. All rights reserved.

Contact Information

  • Contact:
    Leighton Dean
    Shareholder Communications
    Email Contact