SOURCE: Global Diversified Industries, Inc.

September 13, 2005 08:45 ET

Global Diversified Industries, Inc. Purchase of Aurora Modular Valued at $4.9 Million

CHOWCHILLA, CA -- (MARKET WIRE) -- September 13, 2005 -- Global Diversified Industries, Inc. (OTC BB: GDVI), focused on the modular building industry with emphasis on the education market (http://www.gdvi.net), today announced that an independent valuation of its purchase of the Aurora Modular Industries trademark and other intellectual property puts the value of intangible assets at $4.9 million. The purchase was booked at the original purchase price of $500,000.

The letter of intent to acquire various assets following the closure of Aurora Modular Industries, Riverside, Calif., a 38-year-old company with superior product designs and a track record of success as a supplier of two-story modular structures to California schools, was announced by Global Diversified in a news release dated December 7, 2004. The finalization of the purchase was announced in a news release dated March 1, 2005.

"We have already won key contracts because of our ownership of Aurora Modular intellectual property and we are equally pleased to receive this verification that this purchase was in the best interest of our Company and its shareholders," said Phil Hamilton, CEO. "Our projected revenues are estimated to top $20 million in the current fiscal year and Aurora designs will play a key role in this growth."

The valuation was done at the request of the Company's outside auditing firm as part of the company's recent filing of Form 10-KSB.

About Global Diversified Industries, Inc.

Global Diversified Industries, Inc. is a holding company with two wholly owned subsidiaries, Global Modular, Inc. and MBS Construction, Inc. Both are engaged in the modular construction marketplace with an emphasis on educational projects. They incorporate the latest in construction software, allowing them to better manage projects incorporating cost vs. profit ratios, construction and manufacturing schedules, purchasing, receiving and other facets of industrial management. The company's work is found in Northern and Southern California, with numerous projects on budget for school systems throughout the state.

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.

Contact Information